Realistic turn key cap rates?

[Account Closed]

I know I know this has been asked a ton of times before, however, in the current market, what are some realistic cap rates for fully turn key (managed) properties (multi units/apartment block) one could achieve as an out of town investor in a relatively safe neighborhood with say $1m in cash to put towards a property? Is 10% achievable? I live in LA and the prices and cap rates are not beginner investor friendly so I am considering looking in other states (mid west, Texas etc..) As I do not have access to the MLS the good deals are impossible to find as a newbie. I'm sure many here feel the same and can feel alienated from the fact that we're competing against the big boys, banks, buy and hold investment groups etc.. and don't want to end up buying a "pig with lipstick" Would I have more luck finding some colleagues on here to achieve finding a 10+ cap rate or scouting endlessly on Redfin/Loopnet for properties? Going to auctions?

[Jay Hinrichs]

check out Bries turnkey reviews site.. lots of turn key companies advertsing actual deals. 

8 to 12% seems to be the returns these days.. 

but if you have a million in cash I would be investing in your market.. were you have a great chance for appreciation over the holding period. 

and or collaborating with developers and other movers and shakers you can make quite a bit in the right deal with that amount of cash

Like flips in the Hollywood hills Beverly hills etc