Investors in KC MO: new Build to Rent community thoughts?

[Tanya Maslach]

Hi all,
I'm sure some have heard of the properties being built by Clifton Homes:

Location: 9440 N Adrian Ave

They are a fully vertically integrated operation (prop mgmt, construction, and financing).

This is their deal:
Cash in:  $50K

6-8 months later:
One time refinance to put a long term mortgage on it at or around 75% which gets your $50k back + 16%.

Then you own 30% of monthly cashflow and 30% of equity upon exit.

$50k your investment
$250k - their construction loan
$300k all in
$400k retail value

Current proforma estimates:
Rent: $2690/mo (30% of it to me)

Thoughts on this?
I've been peppering the lead with questions.  
I'd love this group's insights and also "gotcha" or cons to this deal.