I have another project I'm currently working on in Logan Square which is a new construction, that I am hoping will have even better returns.

Should the lease with the previous owner be voided and her deposit returned?

What you'll find is your return is higher when you leverage your money.Here's an example of a property I analyzed recently for another investor:Notice the highest return on my investment is the first year and it diminishes after that.Also notice I have $103,067.64 in equity on year ten.

There are hundreds of markets around the country that can provide exponentially better returns than you will find in California AND without the BS rules and regs. 

What kind of returns are you getting in CT, any abnormal expenses? 

I think it works if you have a lot of units or you’re realistic on costs, income expectations and CoC return expectations.

To earn 1M per year with let’s say a combined return of 8 percent requires principle of 12.5 M.

Buy and hold with high Cash on cash returns.

This is in part due to low appraisals often associated with refinance and in part due to the relatively low LTV on investor refinances.Here is why San Diego is a great BRRRR location:The rehabs have a high rate of return. 

How much cash-flow per month per door, Cash on cash returns, how much value add are you looking for, who is going to manage the property etc etc.