Personally I like to build with cash to avoid the extra expenses, so I dont actually finance anything until its done and I have decided to hold it.

Has anyone actually made money with this?

They aren't the actual bank so need to upcharge these fees and hoping in volume they can make enough to continue operating. 

You’ll make less money but you may learn more along the way for future projects or reduce the headache factor (which can be significant).

that is more a RV park. the MBH parks down here. we typically own the land, lot, and trailers. there is a reason but long story short, if i just own the lot and they dont pay the fee. i do not have the biggest teeth to push the need for my money. but if i own it all, my experience says it is a better path

The Retainer Fee is credited towards whatever they buy from us in the 90 days, so in effect, costs them nothing.Note: we're not doing this to make money, but to avoid the time-wasters.

Of the IRA money I spent $120k on the remodel.

You should fire them right away and talk to an attorney to prevent the loss, but I wouldn't expect much and it could be a waste since a company that does this will not have the money to do anything.When you have just one unit and you are looking for PM companies, your options are the bottom of the barrel because it's not a good use of the big one's time.

But it also is a money pit if you don’t have the experience.  

I tried it in an apartment complex and it was an absolute dumpster fire and lost a lot of money.