The smart money knows there are opportunities to be found in every market, even when everyone else is pulling out their hair.

In my opinion Indy and the mid west in general is has been popularized, exhausted, and nearly bled dry.

Picks up more hair than you can imagine.

My firm does property management for LTR, and in the last six months, we've seen many STR owners approach us looking to convert to LTR and place tenants on 12 month leases...because Airbnb dried up for them so much just like you're seeing.

One can split hairs on the investment piece for acquisition, but if it remains vacant throughout rehab and that is the intent to remain vacant until completion, then it meets the requirements. 

The ADU is listed for long term rent, that one is very cut and dry.

In fill lots with no hair on them 9 to 12 months start to finish My 90 lot project about 5 years from dirt to completion.

Third, which is a grey area thats not as cut and dry as the above but with the above, it's a really strong probability, is a seller doing the above getting nailed with some form of Theft by Swindle.

Fasster closing and less hair on conditions!

And this is just a hair UNDER 17%.