Statistically, non-accredited investors are far more likely to sue than accredited investors if a deal goes south.

Look at the plan of the university as well.

I also teach for two universities on a part-time basis, so that creates a little income, my wife has a retirement income and I do some independent consulting work on the side.

There will be lawsuits....you may win the lawsuit, but if you have to pay expensive lawyers and spend time in Texas on the defense in a hotel, with meals and all other expenses...it will not be fun.One thing you have to think about is if you are an accredited investor or hang out with plenty of accredited investors. 

Who do you plan to target (accredited investors or not), do you plan to advertise to the public, Do you need an RIA, etc- Make sure you know what to look for in a PPM, LPA, subs docs, etc if you don't do them by your legal team.

Indy is affordable, is landlord friendly and has a diverse job market (FedEx, Eli Lilly, Indiana University Health are 3 major employers and there is starting to be a small tech presence).

First of all, their certification program is NOT accredited by any legal body so it is basically worthless other than it may look good on your wall.

My experience is in Alabama association law, but I suspect the principles are universal:  There is a hierarchy of rules for HOAs and just like government documents, a lower ordinance can be used to execute and make more specific a "higher rule," but can't contradict it. 

I have followed Frank Rolfe and his Mobile Home University for over 20 years. 

Any market, any area, this is a universal.