There is risk with every single strategy--- but there are also people who figure out how to make it work really well.

In terms of the second scenario, the upside I see is the option to get a different kind of loan (say, FHA with a lower down payment and other assistance programs for K-12 educators like me) since I'd be getting a new primary residence instead of a second home.

You're not getting people moving there that can commute to anywhere. 

maybe you can form your own mastermind / small group of local people in your same situation and work on strategies together.I think @Marcus Auerbach totally nailed it. 

Greenfield is a growing area, and being in a golf course neighborhood across two lots adds a ton of value to your options.I’d recommend starting by connecting with local investor groups or meetups in Indianapolis—Facebook groups or here on BiggerPockets are solid places to find people actively working in that market.

Offer to be his/her assistant for free, do all the stuff he/she hates doing, and learn the business from them.

This is especially important when owning rental properties or managing flips because it minimizes your personal liability.However, many people stop at forming an LLC without considering the potential tax benefits of electing S-Corp status.

Since it was a foreclosure and it was right before Covid hit, there were not a lot of people looking at it.

I had a response on a previous post this year about what the private lending restrictions will be here --> https://www.biggerpockets.com/forums/22/topics/1174919-bough...Here's a re-post of that information though:------------------------------------I do have a DSCR lender who can assist with a limited recourse loan that will close in the name of a self-directed IRA.

I can introduce you to a few people who can likely help at Red Stick REI in January if you'd like.