You don't want to get a call 3 months into a project where you have lent money and hear the operator say that they ran out of money and need more money from you to finish the project or you will lose your investment.

I think once you get more than that, you would need a more expansive program

Whether you've lent money for an individual project, or you've invested in some sort of fund / group, I'd like to hear about your experience! 

Since this is a new construction, I projected a low capex.

There are short-term rental management companies that can help with that.One that I work with in Michigan covers the entire state and can advise on local short-term rental regulations or regulations that may be on the way, they can give you an analysis of the demand for short-term rentals in that area, nightly rates in that area, monthly occupancy percentage, and projected monthly income.They also let you choose the level of service you would like from them from full service to minimal.To your success!

But at least you're getting a wash instead of getting screwed.As my colleagues said, Form 3115 is not a DIY project.

Quote from @Andy Tack: Hi Lance, we are developing a project that is partially in a flood zone also.

Are you leaning towards a buy and hold or a M/STR for your next project? 

For large apartment projects, it is not practical to demand the return of all letters before closing.

It’s best to divide small renovation projects into 3-4 milestones.