Just wanted to check opinions if it's going to be too small or should I just do decent size 1 bedroom with living space.

The flex industrial property I acquired was an off market deal through a SIOR commercial broker in a growing, mid-sized city in the Southeast.  

@LeRoi De-Souza-  you are not able to use a FHA loan for a rental property purchase ....depending on the size of the  property ( 1-4 units ) - you should be able to get a conventional loan ....85% ltv  is possible for a  1 unit  rental purchase ...get  formally  pre approved so you can  get orgainzed and  prepared 

Use this to determine your deal size.  

There's no one size fits all when it comes to midterms.

Three pages sounds too heavy for a rehab of that size...

I rarely see people talking about IRR at that size.

As for better profit splits and preferred returns, we are just now reaching the size to be able to hit the higher tiers.

You increase the size of the work if you like the results or find someone else if they do a poor job. 

It depends on what that specific type is, how big the land is, and what the minimum size of land is required in that area.