Somethings it even more expensive than buying a new construction in a class A neighborhood.The turnkey investments are not always the best option for every investor especially if you are just getting started and low on cash or you don't have reserve/emergency funds to deal with issues like maintenance and vacancies.  

I recommend establishing a reserve fund for major turnover expenses, capital repairs like a roof replacement, etc.

I’m not from the US and currently live in Europe most of the time.I’ve found some apartments that could work well for my needs—I plan to rent them out on Airbnb and reserve a few nights for myself when I travel there for work.My question is: apart from the purchase price (I’ve seen listings on Zillow averaging around $150k in areas like downtown Dallas, Old East, and Plano), what other costs should I expect—both during the acquisition and in monthly payments?

Nothing worse than ordering the appraisal and credit and then realizing your loan won't work for that particular lender because of reserves or seasoning or an equity stake that didn't get taken into consideration.All the bestStephanie

This leaves me $700/mo (plus $200/mo in reserves) to pay myself, which seems high for a “house hack”.Hindsight being 20/20, I may have bought out of my price range.

After we drafted a bare-bones plan that considered their timeline, target rents, and capital reserves, they honed in on a medium-sized complex managed by a local group.. from what I’ve heard, these guys had impressed other out-of-state buyers before and delivered on their promises.

While Im not currently seeking distributions (we are in series B shares - those that participate in the upside and "may" accrue), they have made distributions and we are simply building another cash reserve.

Once on the phone.. if you don't pick a house now it will be sold within hours.. buyer would check out a few homes call back later to reserve one only to be told OH that one is sold..

I would recommend saving at least 20% down, 12 months reserves and closing costs.

If you budget the negative cash flow over the course of the hold period and have reserves set aside to fill the gap, there is no problem (assuming your investment meets your target appreciation rates - I understand there is no guarantee there).