But I still recommend taking regular trips to anywhere you invest in out-of-state and it would be a good idea to time the next trip with when the local REIA group is meeting.

With new builds are you typically able to refinance and pull money out after construction is finished and tenants are placed or will our investment funds be locked up in the property for a few years until prices naturally appreciate? 

But there are other factors of a personal nature that will dictate when people want to use leverage or not.

CT requires an Architect (or Engineer) for projects of this nature, especially a building of this age where it's likely there's structural/framing items to address.

This was not like taking out a regular mortgage, There were all sorts of hoops to jump through and tons of extra paperwork to fill out but my Realtor and Lender made the process easy!

Of the 50 units, I'd imagine only 10-15% might actually have cars that get towed regularly while the other 85-90% don't.  

I’m also curious if it's possible to convert these units into regular apartments, as this property is located in the NY suburbs.

We took over the management and built relationships with the various agencies and have been leasing the units more regularly with 2 vacancies remaining.

You need someone with boots on the ground to drive by the property regularly, inspect every 3-6 months, supervise maintenance, etc.

In general, a turnkey can be a great way to avoid conflicts with those rules because of the highly passive nature of the investment.