So in short, the past six months have been quite an adventure, left my day job, started a business, and moving to AR to start my own path as an architect-developer.

Or is it normal to ask for quite a bit more off due to the potential effects of the water damage.

. - I'm quite familiar with that area of Huntsville, and just took a look at your listing online. 

I’ve thought about making a recreation area, but my property seems to book quite easily without it.

If it is a security, I've read quite a bit about Rule 506 exemptions and the impacts of having accredited investors versus non-accredited investors - what is everyone's experience with this?

The property was finally sold to a developer who built a 3-story structure housing 6 condos that sold for half a million each.Getting variances is quite time consuming in our area and I attended quite a few community board meetings which one has to attend before going to a zoning board meeting.

real estate is a great long term wealth builder, but in the short term - 1, 2, 5 years - it actually takes quite a bit of cash and investment, especially in plain, ordinary long term rentals.  

James manages quite a few properties and got into this by working several years at one of the larger national PM companies.

If by Adult Family Home you mean a non-medical "assisted living facility" (ALF), these can be quite profitable. 

There are several niches that we will explore and focus in order to be successful, but we have found that we typically see returns of 2-5 times of our original investment.The challenge with entitlement is there's definitely quite a bit more risk involved as well as a very complicated process (hence the higher return).