I'm wondering how one might do their due diligence on such a property and if there's cause for concern with such a situation.  

Changes in student housing/demand are his primary concerns.  

My concern is if i deposit a large sum of money in my account will I have to pay taxes on it or have any other red flags raised?

(There is a ton of info in the forums, just throwing this in as it is a concern of mine)-Did you buy sight unseen?

Ask any specific questions you have concerns about. 

Compare that to the county that I live in (near SF, population of 1.6M) where there are only a few hundred homes for sale, Indy looks appealing and yet a very dangerous investment.

It seems like a high fee to owners, but the PM business would be so much easier, profitable and hassle free if there was never a turnover or leasing commission.Steve I agree low/no turnover can be a good thing, but would be concerned that this bias might lead the PM to recommend below market rent increases on renewals.  

In reviewing the latest Orlando Real Estate statistics, there is a concern that house prices are rising so fast that they are becoming out of reach for the average citizen.

Some other misc items that you may want to specify are daily time schedules, dumpster location, contractor's parking locations, and that any neighbor concerns be considered.If you have any other questions feel free to ask.

I wouldn't be to concerned with this.