Usually only commercial properties with established operational expenses histories are evaluated by cap rates and then those cap rates can also be applied to buildings in certain areas representing higher or lower risk areas.

I'd love to hear from a turnkey operator here about the benefits.

There are different ways to structure this (writing them into the business entity and operating agreement, having them do a second trust against the property,  etc.).   

The E-Myth by Michael Gerber- Start and operate your business with the consumer in mind... not you... not your product or service.

I flew out to team build a few times, but now operate a full business that does about 50-60 properties per year with about 1 trip a year just to schmooze.

It is always service providers (Turn Key Operators, PM's, agents etc. etc.)  

I would go to the big bus tour events in Irvine CA. what was happening was there was a turnkey operator that was allowed to offer their product at the end of the Seminar ..

While operating as your own GC this will save you money, coordinating can be a bit challenging.Once you have decided the level of involvement you want in the project, just get bids from multiple vendors based on the same statement of work and compare the offers. 

@Andrew Liu Does your operating expense taxes/insurance?

Double closings are no longer allowed in the state of NJ so I've been told by one or two title companies that operate and do a lot of transactions in Northern New Jersey.