. —- Again I’m not saying you have to do these things; it all depends what type of investor you are and what you are looking for however it is important to understand that if you shift the responsibility of either identifying the invest property or managing or any other aspect there WILL be a trade off — in this case the turnkey company has delivered on your goal of 8-9% ROI (projected... so TBC) and in return you have traded some of the other benefits of investing in RE for the convenience of not having to do much more than to look over the properties they have sent you and funding it from the comfort of your home, office, etc. ... again if this is the goal then you are on point but if the goal is to also partake in ALL of the other benefits of RE then you should understand that and not be surprised that it’s not a ‘stellar’ investment that checks all the boxes.

Because I retired a few years earlier, I don't have a huge runway to recoup after big mistakes but I need reliable investment vehicles, that can still deliver a decent return within a 3-5 yr. window with surety and consistency. 

Comparing what was promised to what was delivered lacks context. 

And up-front costs to deliver quality are not cheap. 

How are they delivered?

But with 40 ft lots, that same space could accommodate 179 homes.By increasing density in this way, we can deliver homes that are more affordable, while still meeting the needs of families who want single-family homes with their own yards.Higher density doesn't have to come at the cost of quality or livability.Much respect and love what you're doing at BP.

2) What percentage is their track record of delivering what they promise to deliver?

Deliver the  last 18 new builds in my 90 home subdivision that I developed and have built out price points 700k to 1 mil.. 10 of these are already pre sold so only 8 more lots/homes to actually sell in 2025. 2. build and sell an infill in Charleston SC on a lot we bought this year price point 900k . find at least two more in charelston and try to keep a 2 new builds a year going as long as my GC will continue to work for me there..

I have to trust not only that you can oversee the project and deliver on the financing, the leasing, and the management (none of which is in place when I deposit $100k into an account), but I would have to have an iron-clad partnership agreement.

Yes, check w attny as per @Ben Trageser.Also, see if you can negotiate with the seller to get the illegal unit delivered vacant on closing.