I would recommend house hacking unless you had plans to move out of state.

Hey Amber - You're asking the right questions—selling multiple properties creates both tax planning opportunities and reinvestment challenges, and the best approach depends on your long-term goals and overall financial picture.If your priorities are reducing taxes, maintaining cash flow, and moving to a truly passive structure, you may want to take a second look at passive exchange vehicles like DSTs and 721 UpREITs.

Your plan to house hack a multifamily property in Indianapolis is a great strategy to start building equity and learning the ropes with manageable risk.

This is something I try to live by and teach my kids if I can - "A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly.

The transition of planning to executing has been a mess though.

Lenders typically allow borrowing up to 80% of the home's value, which could more than cover your renovation costs.Fix-and-Flip Loan (Hard Money Loan) – If you’re planning to sell quickly, a hard money loan could be a good fit.

The time is on your side unless the seller is planning to not sell the property since now he knows that he needs to find a cash buyer to sell the property at the asking price. 

And is it something you see yourself sticking with long-term, or do you plan on exploring other asset classes?

I plan to speak to my broker and it's probably a question for their lawyers, just wanting to check all my options before I choose a route

The key is finding the right area/market and having a solid rehab plan that doesn't go too far over budget.