I think it gives great insight into turn key rentals. 

However the key is making sure the numbers pencil out so that, at minimum, even in the worst case, you can pay back that heloc because interest on that is going to be very high.

Cash for keys!

Think about questions you can ask to gauge the experience the professional will give you when delivering services.

The location is key, with easy access to transportation, parks, and the rich cultural heritage of the area.

So, in actuality the divide between “good” PMs and “bad” ones is probably no different than any other service provider, be it real estate broker, mortgage originator, etc.The key word I has in my sentence was MAY; as in MAY be hazardous to your financial health.  

Here is a great read on turnkey investing; Turn-Key Revolution. 

If you're new to investing, keeping an eye on property taxes and HOA fees in this area is also key. 

And what is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"?

Like you, when I'm working with clients I highlight the key advantages of the conventional rehab loans (Fannie Mae's Homestyle and Freddie Mac's CHOICERenovation) are:- They can be used for investment properties- You can include luxury items- They have a higher limit – $806,500 in most places.Jeff