Do you prefer to buy Turn key properties or distressed and do everything yourself?

[Gary Alford]

Hey BP, 

I was just curious what was everyone take on buying rental properties. Do you or would you buy turn-key properties? Why or why not? What do you consider turn key (i.e. already renovated and rented or just renovation done ready to be moved in)? 

Or on the other side do you prefer to find and fix your own properties? If you have done both what are the pros and cons of going either direction?