With your ability to put some sweat equity into your properties you are open to a few more opportunities.  

And plan on having the ability to obtain Post Construction Bonding for a variety of issues.I applaud and admire your competitive spirit!

If you are very confident in the Turnkey company's ability to manage save the 8-11K by purchasing on your own and bring them (or another group you feel comfortable about) to PM the unit. 

It's not just about getting the next deal, but about how the next deal might affect your ability to get the 10th house and so on..That said, I have an excellent mortgage broker which I've used on multiple deals.

As another poster suggested, if you are sure there is plenty of equity and you have the ability buy out the 1st. 

I believe if you rent it to your children for substantially under market you may lose your ability for certain tax benefits as an investment property.

If you could flip a couple of properties every year this would really speed up your ability to acquire new properties!

Doesn't seem that way on the surface, doesn't make it a bad deal necessarily depending on your goals, but I wouldn't purchase something unless I felt I could add equity or have the ability to sell it for more than I bought it the next day...

Ma'am,I would hire a good real estate agent and let them represent you to the bank.If you're not sure who owns the note on the house.do a title search and get all the information you need like how much is owed at this point.Then have the agent run comps to see what the home is worth as of now and after any repairs have been made.Arm yourself with complete information about the situation including your ability to get a loan by getting pre-qualified before your agent speaks to the bank.The bank officials are more apt to listen to your story if you have a pre-qualifying document that shows you are derived

With those I get the cash flow, tax advantages, appreciation, and ability to sell at a later date and defer taxes.