What's a turn key property ?
The "basics" can be found here on BP. Lots of great info to get you up and running. Check out the forums. Plus you can also search on a particular topic to narrow the field.
To answer your question, a "turnkey" property comes already remodeled, with a tenant, cash flowing and property manager in place. The idea being that all the hard work has been done for you and all you need to do is "turn the key" to get in.
Welcome Peter. There are a lot of super helpful people and great advice on this site! I’m a ‘fix and hold’ investor from the Bay Area in CA, and loving it! A lot of others doing flips, wholesaling, notes, everything.. A few tips..
You can tag people by typing @ before you type their name, then clicking their name when it pops up at the bottom of the message box. You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile. The "Learn" link across the top navigation bar has lots of great info, and most importantly, the BP members! Welcome to BP, and good luck on your investments!
Yep, @Annette Hibbler nailed it. It's basically an option for buying rental properties without having to do all of the work. They are more expensive of course, but they make a lot of sense for people who don't have the time or desire to find motivated sellers, negotiate deals, rehab themselves, find tenants, etc.
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