Appreciate you taking the time to outline these thoughts.I have not spoken to local lenders or contractors yet, as I'm still in the preliminary stages of evaluating the opportunity from a numbers perspective. 

@Calvin Graves thank you for your perspective and experience! 

Certainly from a capital raise perspective, $5 -10 million is a reasonable amount.That being said, raising capital for a blind pool fund is much more difficult than raising capital for a syndication where the property is already identified and the potential investors know exactly where there money is being invested.

As long as you are not a borrower, there is no note or loan that will negatively affect your dti from a debt perspective.

Lender will always look at it from two perspectives:1.

James' book has a bit of a different perspective and I think both are valuable to expand your knowledge and experience.  

it looks like you have found out - correctly - that the vast, vast majority of properties for sale aren't good deals from an investment perspective. 

I would be able to manage the finances, marketing and showings even while working but maybe not attend to the small stuff such as getting a random call to fix something stupid at 3pm when I'm 6 hours out of town or on my 30th day of night shift 12s. 

So Supply and demand have really shifted quickly. 

. —- Again I’m not saying you have to do these things; it all depends what type of investor you are and what you are looking for however it is important to understand that if you shift the responsibility of either identifying the invest property or managing or any other aspect there WILL be a trade off — in this case the turnkey company has delivered on your goal of 8-9% ROI (projected... so TBC) and in return you have traded some of the other benefits of investing in RE for the convenience of not having to do much more than to look over the properties they have sent you and funding it from the comfort of your home, office, etc. ... again if this is the goal then you are on point but if the goal is to also partake in ALL of the other benefits of RE then you should understand that and not be surprised that it’s not a ‘stellar’ investment that checks all the boxes.