If you invest down the road with a TK outfit that does shoddy rehab work and doesn't vet tenants, then your investment will crumble before your eyes.

Having read some comments about the pitfalls of out-of-state investing, and, of course, being the CEO of a turnkey outfit in Birmingham, AL, I have to pitch in my two cents and agree with @David Thompson on a number of his points. 

This was all done under the direction of an attorney-run outfit out of Florida.

I've had a couple of tenants who had some sort of obsession with laundry and would do every outfit separately!

I would either go to work for a big commercial outfit or a resi outfit..

Other TK outfits will contract out to another Property Manager (PM), so they basically just do the buying, rehabbing (unless they contract that out as well), and selling, while someone else is responsible for the day-to-day management of your investment.

I can put you in touch with some reasonably priced outfits in your area if you would like.  

Yea from some reading I also figured a major in accounting as opposed to marketing would better outfit me with the know-how to be a better investor because of accounting being the language of business.I think I know the answer to this question, but I still want to ask.

Not at all turnkey.During this period, we crossed paths with a few other outfits soliciting these borrowers that were highly predatory and had slicker sales pitches that promised the sun and the stars and the moon.I imagine that this is why banks now prohibit this practice.Sounds like it could be a good deal, but, in the end, you're probably better off with a new buyer/tenant anyway.

I came across padeals and am going to talk to them but am interested in knowing of other outfits that provide a similar service.