turnkey vs. putting together my own team (new investor)

[Graham Dersley]

Just listened to the recent BP podcast about out of state investing (prices are too high in my area for good cash flow).   David Greene talked about finding a real estate agent, contractor, property manager etc in a town that you're interested in, and once you have a great team you can use modern technology to make remote investments.  

I've also been reading about turnkey investments, such as through a company like Memphis Invest.  This seems to involve less work, and it seems to me possibly less risky vs. somehow picking a bad contractor and getting screwed since I'm not able to be on site.  With of course the drawback of being more expensive, so less potential return?

Seeing how I'm new to real estate investing and don't have great prospects to invest locally, what do you all see as the pros and cons about how to get started with investing in rental properties in other markets?