Quote from @James McGovern: How is lowering countertops reasonable?  

You’re not alone—California’s prices make it tough to get started locally, but $30K is actually a solid foundation to begin investing if you think creatively.

Turnkeys can actually be a solid option, especially if you’re working with the right team and market.

This deal might not be the norm, but there is simply a reason a lot of properties in this price range look good on the front end. 

The ability to budget and compare actual to budget.

Turnkeys USED to be fairly easy for flipping companies to offer at a price that cashflowed for investors.That was when prices were still recovering from the Great Real Estate Crash of 2008-2010.Now, prices in most areas of the country have set new record highs - and prices have increased faster than rents, making it much harder for a Turnkey Flipper to sell at a price an investor can cashflow.The only way it happens now is with Class C properties or new construction with builder-paid Temporary Mortgage Rate Buydowns.Most newbie investors are clueless about the realities of Class C Properties/Tenants, where the promoted returns are rarely actually met:(Several investors that bought new construction turnkey 3+ years ago have had their mortgage rates adjust upward, significantly increasing their payment, but rental rates have NOT kept pace - leading to negative cashflow:(So, PROCEED WITH CAUTION!

As a GC and flipper, I always include my scope of work, rehab timeline, and budget so the lender sees how the numbers actually come to life.

I'd consider turnkey investing a high risk strategy for that reason, with even the best possible outcome not being worth the risk.

Most importantly you don't know if the tenant will actually move on time so you CAN NOT lease a unit for the same day a tenant is supposed to move out.

Last week I looked at questions you may want to ask if you are deciding to self-manage your investment or hire a property manager. Both are viable options. If you are thinking of interviewing property managers, these ...