I can't speak for your state regulations but I do own a 16" inch dwarf caiman which is living in a 5 x 2 x 2 feet and I can tell you they're display pets as they get stressed when you handle them a lot and of course because they can give a pretty nasty bite like every other crocodilian. They are known for non eating when hatchings but once they start they won't stop. If you want something to handle a lot when small and don't have problem providing an enormous pond you might want to take a look at some alligators or moreletti crocodiles
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