You can talk to several different providers in my space, and they'll all give you a slightly different definition of what it means.I take a broader definition to the term because I'm area agnostic and don't focus solely on the property itself.In somewhat general terms, the definition of 'turnkey' as it relates to my business is a property that:* is in a stable or growth market.* is brand new or newly rehabbed with renters in mind.* is priced at or below fair market value.* is leased, or in the process of being leased.* is under professional property management.* is cash-flow positive (even with maximum leverage).As Jon Holdman points out, you must do your due diligence, and this brings up the major differentiating factor that separates a typical turnkey operator from a professional full-service turnkey provider.

try reading a bunch of those for a broader view. 

One done without a sale will usually be higher as the appraiser may begin with a broader range of comps and opportunity costs/cap rates.When you get an appraisal for a sale transaction the value leans toward what the market will bear rather than as an asset in portfolio.

Great to hear you found a bank willing to work with you on the creative strategy @Kasey Gourley.I'm finding leads through:A few realtor friends in the inner circleWholesalersOther investorsPeople I work with (at a full-time employer)A very granular targeted marketing strategy where I do letters myself (specific zip code, neighborhood, size of house, type of seller and I've driven by the house before)Buy houses for cash postcards and business cardsI'm in the process of expanding my marketing campaign to include a broader range of criteria and will pay for someone else to send out the letters

Go to open houses, call landlords with for rent signs and talk with them, join a local apartment owner's or landlord's association.Getting the "maximum" may sound enticing, but you may find that going a little under the maximum the market will bear will get you a broader range of applicants more quickly, allowing you to select the best candidate from a larger pool - someone who may stay longer and be more reliable than the person who has no other options than to pay that maximum.Set your price and advertise.  

Especially for the broader BP audience.Some may nitpick the details and nuances.

When you peel back the layers, there are really two types of valuations: a “market valuation” and an “internal valuation,” sometimes called a “personal valuation.”The market valuation is the broader market’s view on what a property is worth.

It's counter-cyclical to the broader economy.

If a company in your community is struggling to make sales in foreign markets, this affects employment, pay salaries, and has an even broader affect outside the company - even the server at a restaurant will make less because the company employees eat out less.U.S.-- Did you notice the price of pizza from the major chains up to 2006?

I think the posts above are correct and that the broader market will take months to show the true effects of the recent events.