Thoughts on Turnkeys?

[Shelby McKean]

I don’t hear much about turnkey properties on the BP podcasts.  Is there a strategy for buying something that someone else has already improved or is inexpensive (or off-market) and starting to do a short-term rental right away?    I realize that turnkey properties mean you can’t improve equity so a re-assessment would not add lending dollars, but is there a scenario where the numbers work?  Break-even cash flow?

I am thinking of using an apartment or condo to eliminate my commute four days per week and making it available on weekends for STR. My primary residence also has an apartment I am preparing as an STR.