You often only have to worry about tax upon the profitable sale of an asset. 

The profitability is very depend on the lease you negotiate with the property owners.

Once the renovations are complete, the property might appeal to owner-occupants or investors, and you could potentially recoup your costs and free up capital for a more profitable deal.

You will be 100% leveraged and you are paying top dollar, because the turnkey company needs to make a profit as well.Real estate is not for everyone and it can make your life miserable.

Or are interest rates, rents, etc. still out of whack and making profiting difficult assuming now as time zero? 

Just consider the rent you saved buying the place as part of the profit plus any/all the write offs you’ve had for 3 years. 

However ever if the numbers are done correct, you can buy one for a good price, live in it for a few years then sell it at a profit ish (Covers what ever extra you paid into the unit) to then migrate to a home instead of renting.This is if you purchased at a good price.For investment only??

Congrats on transitioning to multi-family investing!

Another solid move would be investing in a fix-and-flip project, capitalizing on short-term profit if you know the market and renovation process.

So, the real estate broker/agent would have to inform the seller of the fair market value of their home, making it much more difficult to earn a profit larger than what a real estate commission would be.