Experience w/ turn-key rental property investment strategy?

[David Mount]

Hey BP,

I'm a realtor in Northern Virginia (just outside DC), and I've been learning about turn-key rental property providers (i.e. rehabbers) in other markets where the rent-to-value ratios are around 1%. It makes sense to me that investing in a bunch of lower-priced, but still A-class, properties for positive cash flow would be profitable and create solid passive income when scaled enough. A few of the biggest challenges would be building a reliable team and not having the first-hand market knowledge. 

I'd love to hear about other BP members' experiences, both positive and negative, with turn-key rental property providers in markets like Kansas City, Orlando, Jacksonville, Chicago, Indianapolis, and others where the prices are lower (below $150k for a SFH) and the rents are pretty high ($900-$1500/month). I'm especially interested in hearing from investors who live in high price-point metropolitan areas similar to DC (i.e. San Fran, San Diego, LA, NYC, Miami) who have chosen to invest in some of these other markets.

Any feedback and input would be much appreciated!

David