Can we then use an elevated cap rate to price in some of the risk of the project?

We also have a vision for the common areas / elevator / parking, however I would like to get your opinion on how to prioritize the different Capex/renovations in a MF repositioning plan, what has work well for you in past deals and what hasn't been worth the investment. 

BGE has a "Legislative Liaison" who elevate complaints/concerns from members of the General Assembly - you probably won't be surprised at how much quickly your issue gets addressed when it comes from a politician whose job it is to regulate BGE.  

2) Should I declare income that I receive from renting a bedroom on my taxes to help elevate my income levels?

It can often take years to get rid of a difficult tenant which is why in Ontario screening is elevated to a very high level of importance. 

The management company charges for everything including $25.00 to change each light bulb, fees for hanging elevator walls with mats when tenants move etc.

The building is equipped with an elevator and a sprinkler system.

I called Fort Bend county to see if a few of the properties I was interested in would need to be elevated, but they responded that the homes are not in the flood plain and no remediation was required.Thanks in advance for your valued advice!

There are quite a few people who joined around the same time we did a few years ago who are only breaking even (or losing money) on flips because deals are so hard to find in our area and they are buying at elevated prices.

That sounds like a lot, but when I compare it to the HOA fee we pay for the condo in CO ($390/month) it doesn't sound out of line, considering that the FL building has a pool, grounds and an elevator and the CO building has none of those.