;) What kind of properties are you ultimately looking for in Indy?

Some people are totally happy with using property managers and it saves them stress and headaches. 

So I am currently 17, getting my emt and starting up a party rental business for the weekend. i only have 3k saved up but was wondering how much i should i have to buy my first rental property.

Whether you sell or refinance ultimately depends on your goals.

I plan to just purchase straight from the owner and no agent, because he isn't willing to spend the money on one, and I'd prefer to save a few grand on a cheap property when my offer has been "accepted."

@Chris Martin Have you tried New Republic Savings Bank or Roxboro Savings Bank?

Or care to explain how your car insurance saved you from totaling your car?

If you buy at 1% thinking appreciation will save you that’s also a risky bet 10 years into a housing recovery.

Should I make sure I have enough money saved up to cover me for a few months in the event I'm not able to immediately rent out the property and am stuck with another mortgage payment?

I really feel like one option is for me to open up a new checking and savings account in my name and handle all money through this account.