I do not know what caps are trading for in your market but this wouldn't be a deal for me.

Ive been told that getting the draws up front is difficult and often times people need to pay out of pocket to get the construction started.

Appreciation and comps will factor into your target (or acceptable) cap rate.

Estimated cash flow around $1000 per month after assuming 5% vacancy, 3% cap-ex, and 5% repairs.

We would then try to purchase and repeat but would have more funds.Commercial loan through llc: we are considering this since we would eventually want to hold properties in an llc, but we would need 20% down which we don't haveSeller finance: we would need to find a willing seller and make a deal, maybe difficult to find

.$1070 rents 12% cap rate.

Naturally we were excited.After entering the contract, we asked our real estate agent whether there are any HOA caps on number of rental units in the property.

Don't settle for 1%. 1.5% in Indianapolis should not be difficult.

One of my first orders of business in the morning is to check the listings in Hudhomestore and it looks like they have taken out the Appraised Value from the listings which makes the properties a little more difficult to track.

That's the most difficult part, imho.Good luck!