Note investing vs Turnkeys?

[Anja Brey]

Hi BP, 

What are the advantages/disadvantages of buying a note versus buying a turnkey (or vice versa) in terms of cash on cash return, depreciation, deductions etc.? How much depreciation do I get from 1 property/year? Is the income on both taxed the same at the end of the year? The note would be at 10% annual return for 3 years and then I can buy a new one after that. 

Thanks!
Anja