Even if you take the out of state route, your experience will help you identify the qualities/competencies in property management companies that you'll require.Best of luck to you!

Some other quick tips for new turnkey investors:You shouldn't be paying more than market value for a turnkey property.

I'm still up in the air on that one.

(age of home, neighborhood, size of home, lot size, quality of finishes, etc.)

@Bryan Clark I'd make sure all the systems and structure are in working order (i.e. roof, plumbing, hot water heater, heating, air conditioning, etc.).

It is a 2/1 near an air force base, in a decent school district.My question is this: how do I run the rental property analysis, how do I account for private money?

I've heard/read a lot of people saying to buy the best property you can manage to buy (in the nicest area), to get higher-quality tenants and greater appreciation over time.With that in mind, I'm curious people's opinion of doing a BRRR strategy in the western 'burbs' of Indianapolis.

Many have posted a few great tips already, that's the cool thing about this forum ;-) That said, I highly recommend using the awesome tools provided here on BP to learn the basics of analysis and underwriting.A few tips to get started and your continued learning:Find and connect with other BP members that are in your area.Set up keyword alerts to be notified of the topics that interest you.Read Beginner’s Guide.Check out BP Podcasts.Find upcoming real estate events and meetups near you.If you'd like to tag someone in the conversation, type @ followed by their name and then select the name of that person that appears below the comments box.

Does anyone have a reference for affordable/quality contractors for the project? 

Forced air furnace or ac.