I have always been a believer in getting as much money as possible from the tenant before evicting them to minimize the costs associated with turning a unit because where I work, in an older city with a ton of small multifamilies, those costs can add up even in the best of times.

The refund part is just to get you get committed to another deal that makes them even more  money than that refund.

Private money and personal funds.

CT isn't cheap so if you plan on doing it there you are going to surprised at how poorly you do. maybe in the suburbs I'm not sure but as much as I know people call us from CT and everyone is rich and has lots of money and things are expensive out there. build to rent is a great model. we build 3 story walk up infill and keep it to the residential side. 3 units is the most units before it's commercial and you need engineering, etc. check comparable and things liek that. we came up with this design a year ago and we sold 10 if you want to talk further please DM me happy to connect. there are some great build to rent conferences. we went vertical not horizontal with it to save on build costs and design to fit on any infill lot. this fits on a 3500 square foot lot. most lots in our area are 30x120 or 30x150. in miami where I live now they are 50x100 or so. but any infill lot we can pretty much get this one on. there are some great build to rent conferences coming up too that if you like this topic I'd recommend attending I'm sure you'd learn a lot.  

This property will lose money for anyone not paying cash, and if they are paying cash they will make a very low ROI. 

But even to this day the money is always the winner not me.. thats how you raise significant capital ..

I’m assuming that you save quite a bit of money.”

If you are 100% occupied (and trending) no need to spend money.

Value your money more. 

Yes you will save some money by self managing but more important you will learn what it takes to manage a property.