Focus on cash flow and exit strategies, and consider starting with a smaller project to gain experience and minimize risk.Good luck!

The more cash flow a property has is an indication that the risk that asset has is greater. 

I’m hoping to not build until I acquire more revenue from profits of the plot via flea market, parking, boat parking, or something else that requires minimal investment.

Consider off-market sales to avoid public listings and minimize tenant disruption, using discreet marketing or a wholesale strategy.

A lot of my clients buying in FL are happy with minimal return but are buying for second homes, tax benefits, etc.I would stick with value add - with refi you can still achieve high CoC and a good equity position. 

I'm currently researching the market, trying to get an understanding as to where these different areas are located in the cities.Any indication is welcome!

I have looked at Hopatcong however despite allowing STRs, it has language that requires the STR to be the principal residence of the owner as indicated by something such as a diver's license.

But there's no body of case law indicating that to be a concern.

There was no market data indicating there was a market for $3K 3 BR rentals but that was merely because nobody ever supplied the market with the inventory.

Since I am married and have school age kids, I place a real premium on minimizing my management time.