Indiana Code 32-31-3-18 requires a person residing in Indiana be authorized to manage the dwelling unit" and we were planning on self-managing from Illinois since we're within driving distance.

This is a single family dwelling.

Getting debt financing for apartments (5+ units) is very different than debt financing for single family dwellings (4- units).

The listing says it’s zoned R-1 though, which I’ve seen is for SFH dwellings only?

For AZ, TX  and some other areas there are HOAs for SF dwellings. 

(a) In every transaction wherein an application is made by a prospective tenant to lease a dwelling unit, the prospective landlord or owner of the dwelling unit shall not ask for, nor receive, any "assurance money" or other payment which is not an application fee, security deposit, surety bond fee or premium, pet deposit or similar deposit reserving the dwelling unit for the prospective tenant for a time certain.

On a dwelling fire policy, or "landlord insurance policy" coverage D is generally 10% of Coverage A. 

Federal Fair Housing Act says: In buildings with four or more dwelling units and at least one elevator, all dwelling units and all public and common use areas are subject to the Act’s design and construction requirements.

Because of this, unoccupied properties should not be on dwelling fire (landlord policies) or homeowners policies.

Check it out...first page "1 Family Dwell- Platted Lot"Third page..."