Is TURNKEY property a good investment ?

[Julien Pouchon]

Hi,

I am just getting started in real estate investment. I had a inheritance and placed most of it in Mutual funds. I would like to diversify my portfolio and invest in real estate, I live in New York and the real estate here seems to be too expensive, I have a job that require a lot of hours and can’t handle to manage a property, I don’t have time and not sure to have the capacity of going through the whole process by myself.

I would like to start investing with $150 000 in a turnkey condo in Florida that would be managed by the same company that sells it. 
For this price, the company offers condos with around 5 to 6% cash flow net, you pay an “investor pack” that’s around 20% of the property and a 7% management fee on the rent.

Do you guys have any advice on my investment ? Is Florida a good place to invest or should I look somewhere else ? Do you think the numbers are right knowing that I’m looking for a investment as passive as possible.

Thank you :)