Personally, I am interested in turnkey investing, but I haven't pulled the trigger on any turnkey deals. 

I've not pulled the trigger as yet myself, as I have no idea if rehab project management is included.

However, I have been a little apprehensive with pulling the trigger until I can have an opportunity to get some advice from someone in a very similar situation like mine.

However, I have been a little apprehensive with pulling the trigger until I can have an opportunity to get some advice from someone in a very similar situation like mine.

Try: "sample lease" and "lease clauses"  .Modify anything you find so it is in compliance with the landlord-tenant laws for your jurisdiction.Also, don't forget about establishing property rules.

Since the loan will not be paid off any time soon by solely making monthly payments, does it make any sense at all to continue renting only breaking even, or should I pull the trigger on the sale and take what I can get for it, even if it means taking a big loss from my purchase price in 2010, just to be done with the house?

You will want to do some research here and make sure that you are comfortable with the (albeit very low) risk of triggering the DOS clause that is in most mortgages. 

I've put a fair amount into deciding what I want to purchase over the last couple of years and have just recently gotten myself into a position to pull the trigger so by normal standards the offer would be insane, but feeling so aside the numbers have to make since. 

It took me a long to pull the trigger on it because I didn't want to deposit money and have it sit there.  

What COC returns are you trying to hit before you pull the trigger?