Does Turnkey eat up too much to be a viable strategy?

[Chris Gerenser]

Just starting out and am leaning towards Turnkey in Indianapolis and then branching out into other markets.  I'm interested if others have used Turnkey providers effectively to build large portfolios.  @Brandon Turner stresses the need in books and webinars to get the right price (say 80% of value).  I don't see doing that with Turnkey providers, but maybe I'm off base here. 

I understand that finding the best value property, improving, and managing it yourself would lend the biggest potential return, but looking to have a more hands-off approach on the rentals themselves.