Turn-key horror stories?

[Brian Blahous]

Hey everyone. I've been a member for a while, however, this is my first post. I currently own two long-term rentals and I'd like to acquire a third. I spend a lot of time working and with my family and I just don't have the time to commit to acquiring and renting another property.

I am seriously considering investing in a turn-key. I've read a lot of the pro vs. con arguments on the site and I completely understand that the purchase price might be above what I could get in the open market, but in this case I'm taking a long-term, multi-year view and I'm willing to pay a slight premium for the convenience.

I'm not looking to bash any specific members and I've actually already talked to a few BP members (or their firms) who deal with turn-keys. I realize that due diligence is a must and I must feel comfortable with the firm.

With that said, I'm curious if there are any horror stories out there related to investing in this way?