Traditional, flipping a home in Historic Preservation Zones (HPZ), can come with great difficulty as these neighborhoods come with an extra set up rules and regulations to ensure that the “historical aspects” are well persevered.

We want to potential leverage the extra land next to the building to develop a bar/restaurant.  

You don't want to be hurt based on incorrect information and your knowledge or lack thereof. 

You've fulfilled your moral obligation to share knowledge that can help them, but ultimately they need to decide what's best for themselves.

My goals (with my limited knowledge) are to do fix-and-flip deals to earn money and then reinvest in buy-and-hold properties.

I've been fortunate enough through my research and what I learned here on BP to have bought a solid investment property, which of course started with having the knowledge to identify and recognize the opportunity for what it was worth and act on it.

If its a D class neighborhood then depending on what I started with and what I paid to make it "better" I may just let it ride "as is"..... the extra $$ I may have to pay to make it better just isn't worth it in that class of rental.

You are probably getting more knowledge and experience when working with a broker but this isn't always the case.It is best to just find someone you like working with, brings you good and useful information, and bring you deals.

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

Also you need a job that produces enough money to live off of and have extra to invest plus have the flexibility and time to invest and network.