In my view, the rules keep you from investing a sizable portion of your net worth on a lightly regulated investment marketplace.  

Check for Superhosts in the area with high ratings and reach out to see if they’d be open to managing your property.When choosing a management company or co-host, make sure to:Compare fees (usually 10-20% of rental income for STR management).Check reviews or ask for references.Ensure they have good local knowledge and can handle STR regulations in Indy.If you need further assistance or advice, feel free to reach out.

Yes, market is volatile, interest rates are fluctuating, but the fact that we can't neglect is that banks are more regulated, lending practices are stricter, and the housing market is not based on a pile of risky mortgages. 

I briefed him on the procedure of early move out.

Hard to tell without knowing the place.Then you have to worry about changes to the regulations that could mean your place can't be rented short term.

This is highly regulated.

Set a consistent procedure to expense everything below $20,000.  

Provide them with contact information, a new rent payment portal (if applicable), and an overview of any changes to procedures.3.

Saturation/competition and regulation being the 2 biggest challenges.

It should also contain the procedure for requesting maintenance, paying rent, rent due dates and late fees, and if you plan to raise the rent soon, may as well give notice of that too.