However, what if you prefer simplicity, limited risk, and are living off of the income? 

It had better be a great deal to be worth dealing with all this headache and taking on this risk. 

The background check is supposed to identify the amount of risk, then you determine whether you can mitigate that risk or not.

@Jacob Hrip For a first-time investor, financing options like a HELOC or private funding depend on your strategy and risk tolerance.

In light of that did the developers wind up getting a pretty decent deal out of this after they took a big risk on a property with crazy restrictive zoning and no clear path forward prior to purchase?

Risk of being the 1, right?

At the risk of taking flak here, I'm going to say I've seen a lot of super cute stock tank pools that are low-cost options. 

However, I don't know from a practical point of view if it's doable 2) Condo vs townhouse vs cashflow: I noticed condos  and townhouses are way cheaper in fort myers FL ( however risk of hurricanes) and maybe more opportunity for cash flow.

This level of scrutiny drastically reduces the risk of renting to unreliable tenants.Realtors vs.

As with any market, there are risks and rewards.