. $3,500 due at signing, 5% in 180 days, 5% in 1 year, 5 % in 2 years.MONTHLY CASH OUTFLOWS$182/m condo maintenance fees$319/m property tax$1354 Mortgage (this will vary ofc based on downpayment etc)CASH INFLOW$1995/month guaranteed rent for 2 yearsOTHERS2 Year Free Property ManagementAll furniture includedCASH FLOW POSITIVE (BASED ON MORTAGE) by about 140/m

If you signed an agreement with your buyer’s agent you mileage may vary. 

HML interest only-rate for an unseasoned investor: 12% (only a 1/2 percent increase - understandable)conversion to 30-year fixed rate: 7-8%, (varies, based on debt service ratio) and I can pull out a maximum of 75% of the ARV.In March, it looked fabulous. 

I understand laws will vary state to state, but in general, do you think this can be done?

Depending on which life company you're working with, terms can vary wildly.

I have done this for a 6 unit that needed varying work.

 My advice contact a real estate attorney or accountant and see whats best for you ( states vary)  If this wont be your only real estate investment I would set up a business.

Just doing basic research on city stats and I’m seeing that when I choose a city, the numbers can vary significantly just from zip code to zip code in that very same city.

But I have subsequently heard of some banks calling in the loan if the home owner isn't the one making the payments so I guess it varies. 

Also, be aware that Indy can vary block to block so you have to know the neighborhoods well.