The Anti-Cashflow Turnkey Investment?

[Charles Worth]

Anyone who has spent as much time around BP as I have has seen that the vast majority of out of state and TK conversation revolves around companies selling (typically lower-end properties) to cash flow investors. 

I am curious, how many people have gone the other route and had a good experience with companies selling good properties in higher quality areas to out of state buyers, especially more of a turnkey experience than a just a local realtor? What was your experience? What were the returns like with reasonable appreciation built in? Was there any cash flow? 

Were you able to find properties at decent discounts to equity value (the major problem I have seen in most people focused on this niche)? Did they have property management or did you have to find your own? Was there decent inventory to offset the upfront learning curve?