May I ask why you are specifically looking for smaller deals? 

Many older homes were built without closets.From appraisal today:"The Code refers to "habitable rooms" not bedroomsThe essence of the 2015 International Residential Code is that the code does not specifically use the term bedroom, but refers to all habit- able areas of a home.

I wasn't really certain of specific desirable spots nor the typical market rents and such for various units.

We don’t know any PMCs to recommend in the Cape Coral/fort Meyers area, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

I know when it comes to many cities there are long permit processes and also there are specific air laws that go into each city.I would love to hear a story that goes over an experience pertaining to developing/rehabbing a property in the DC area. 

Luka, I could not hope more for you that you are right and I am dead wrong here.

These penalties include:Five years in prisonUp to $500,000 in finesEquity Skimming may also result in Conspiracy charges, specifically conspiracy to commit bank fraud and false statements to influence a financial institution.

I don't think there is a right or wrong here.  

I am just learning the Bigger Pockets platform and the easiest way to specifically connect with those who have actually invested in this fund.

Specifically, what qualifies as "flooding" to be disclosed.