So if they’re right, and considering their organizations spend billions every year on market research, and say we see even 8%, you then remove the expense ratio (we’ll use 0.15%) dropping your return to 7.85%, then say inflation manages to come under control and drops to 3% which will drop your realized return to 4.85%.

Be organized.

Could I ask what your approach was to your some of your earliest out-of-state/long distance investments? 

If you're already under contract, I recommend having all of your ducks in a row and staying organized.

The focus is now on investing in only those organizations that meet the foundation’s target areas, and where the donation can have a long-term significant impact.

As your appreciation grows, rental rates grow, the investment here will grow organically over years. 

Listen to the all the books, buy the books and highlight the important sections, make a list of what you need/have (documents and office organization), and get on BiggerPockets.

He was not very organized and it was going to take him a lot of time to get everything I needed.

Get the property and paperwork perfectly organized and sell in twenty days for top price.

My thoughts being that with housing prices inflated at least a (legitimate) turnkey would help cut through the barriers of building a team/finding a prop/renovating/placing tenant, obviously your margins are still being cut into by the nature of how a turnkey organization's business model works, but interested to hear what others think?