Turnkey rental vs. Managing yourself locally

[Daniel Fischer]

Hoping to hear from folks on both sides of the equation in respect to SFR rentals - what is the pro/con analysis of finding, renovating, and managing income properties yourself locally, versus purchasing from a turnkey income property solution?

My initial first thought is the possible loss of a few points in net cap rate, possible higher purchase price, etc. However what is the opportunity cost loss by having to find, fix, and rent these SFR properties yourself?

Has anyone started out by doing it themselves and switched over to a turnkey solution, or visa versa?