Turnkey vs. renovating

[Eli M.]

Dear BP community,

What would you recommend to a first time investor; should he go with a turnkey property which saves time, headache from renovations and brings in a cash-flow from day one or should he buy for cash, renovate it, rent it out and refinance it?

if it makes a difference, we are talking about a single family house in Philly.

thank you all in advance