Guess I've made most all the rookie mistakes. 

Another note of advice - you might get the urge to do both (I made a mistake of trying to do too many strategies, so I know).

But getting permits for it, especially if you make the mistake of building it first before worrying about getting permits, can cost a LOT of money, so some people just don't do it. 

So they know all the tips to save time so that you don't have to blindly make those same mistakes! 

Big mistake.

And mistakes can be very expensive!

Whatever the case we want a lot of exits, and we want to buy under market.As I said, turnkey doesnt fit our model, and we dont invest out of state (with one unique one off exception due to a child's college, and we are losing our shirt on that purchase).I think turnkey is fine if you do your own research, but I think its a mistake to consider turnkey a buy and forget investment.Maybe others who specialize on out of state purchases or turnkey investing could give you a little better guidance than I can.

I made a similar mistake and bought  an expensive house in San Diego in 2005 and eventually had to do a short sale in 2012 because I couldn't take the bleeding anymore.

The seller will end up losing money for making the mistake of having long leases and rents under market.

I note in Rodney's post of the agreement and in the message sent to Meetup members in Vancouver, BC, Canada from this "Michael Treat Larry" that there are English mistakes.