Yes turnkey means the GC handles everything from permit to CO and gives you a turn key guaranteed price that does not change unless you make changes.Also some GC have stock plans or do design in house which will save you on design fees.

The good (besides the guarantee), the bad, and the ugly? 

However, nothing can guarantee that they won't break in again.  

You are not allowed to provide personal guarantee on a loan with IRA-owned property so the only financing that would be allowed is non-recourse.

(I ask as you could probably generate $120-$150k/year in cash from a guaranteed bank CD.

@Derek Morrison,To buy a property in a 401k you need a non-recourse loan since as a "disqualified person" you are not allowed to provide a personal guarantee for the loan.

A character that the purchaser may have thought was guaranteed by the existing zoning. 

Plus, there is no guarantee they will issue the permits before closing. 

its guaranteed. 100% irrelevantHUD Does Not Pay Security Deposits Those that do not have the SD you are not renting to, it's all about screening.

I have not bought anything from them, but I see their deals all the time.Most of them way over priced.I think their model is buy dirt cheap, sell  very high and convince people by offering 3 years rent guarantee.