Your "turnkey" process/experience?

[Jessey Kwong]

As I start learning SO MANY new terms, one that I see often is the term "Turnkey" - something I've never heard about... 

My basic understanding is that inorder to complete a turnkey process, you are buying the property, rehab, finding tenants, then selling to an investor who will have everything setup for them. Please correct me if I am wrong.

Can any of you share your experiences completing this whole process?

Anything to specifically watch out for that you didn't realize at first?

Is this a very common strategy for investors?

Looking forward to hearing some of your stories!