Pros and Cons of turn Key rentals

I have found a multi family home that is currently in pre-forclosure. from the looks of it, the home is in great shape and ready to be rented. What am i not thinking about and why is there seemingly no competition to purchase the property? I am new to REI and i have been told (with not a lot of reasoning) that turn key rentals are typically not a good idea. I can not make the calculus make sense!