The biggest way I see turnkey investors get burned is when they assume they don't need to do due diligence on the area, the property, or the turnkey provider.

I do not believe my dad can finally help me on this journey, but I have a burning passion to get into real estate.

Imagine buying a 300k property but you have $1 million cash reserves :) pretty easy right... even if the home burns downs in the middle of the process, chances are you will be upset of course but it will be ok. 

I see this happening in Detroit  more city open space the question will be how will the residence that live there treat it burn down the houses and leave rubble for years upon years or clean it up and then keep it clean dont go dumping stolen stripped cars or their daily trash when they dont want to pay for garbage service  :)   

But if you have followed the rules, keep your place safe, and have no real just cause for them to "go after" your personal property, is it common for frivolous lawsuits to move forward,  and has anyone (that you know of) been burned by not having an LLC because of this (lost it all)? 

I think you are getting burned on the refi costs, but maybe I don't know the whole story. 

We usually do $50 more for month to month, but with my leases mostly at $1400 or more, that would be more like $350 per month so seems like it could create some heart burn for tenants. 

Some people have a hard time managing their money, and a large lump sum will burn a hole in their pocket quickly.I have had tenants that were not meeting the W2 income requirement, but had large savings and/or brokerage accounts that were quite sufficient to cover the rent, and it was also showing good money management skills.

@Kenia Crevoisier as a fellow investor out here in Miami the only time I have ever been really burned for shoddy work was when I foolishly allowed myself to go with a contractor's cheaper NO PERMIT option.

You might as well burn the money.