Perhaps residential rental is a dirty business no matter what market you're in and how long you've been in.Funny how both you and @Charles Kao mentioned the word "greedy." haha,Thanks mate and I appreciate it.It's not just the turnkey operators that should stay local but more so the marketing companies and sales channels selling turnkey properties.They put their name/brand behind too many markets and they usually ruin it within 24 months.Their have been so many instances of this happening over the years (I won't mention any names but they are all known and well talked about on for forum).Only very few are still alive that work in multiple markets but even they had many setbacks and lost face on multiple occasions and in multiple markets.As I mentioned in my prior comment, it's hard enough doing a good job in just one market lolRoofstock isn't a turnkey company by the way.They are more of a tech platform.VC's gobble that stuff up.Not sure if Roofstock has any IP with their tech but if they do, it doesn't look like anything fancy or that can't be easily replicated IMO.VC's are very hot lately on real estate tech so I'm sure Rooftsock will be able to raise more capital if needed and expand further.Business these days has become more about raising capital, spending it, raising more, spending it and then hopefully getting a high enough valuation for some of early investors (Series A for example) to sell and make a high ROI.I like the old fashioned way of doing business lol.It's called "Growing revenue and profit every year and never loosing or borrowing money".Yep, you call me "An old dog" business owner I guess lolThe market is full or "Wantrapreneurs" these days and not many true entrepreneurs.Anyway, back to turnkey lolTurnkey companies don't need to nickel and dime on PM because they make their margin on the sale and not necessarily on the PM.Don't get me wrong, they will still make their money on the PM side but they will also cover a lot out of pocket themselves.Most of us want our clients to be happy and to buy more so we go above and beyond for them during the after sale process.Even if it means putting our hand in our own pocket sometimes.12% is high for PM but not unusual.We charge 10% and for some lower class properties we charge 12%.PM is a ****** business mate and you only start seeing something come from it after you manage around 300 units.It's usually a **** show for the first 3-4 years lolPM is a thankless job mate and tenants will always complain and post bad reviews no matter what.As long as their aren't many bad reviews from landlords, that's what matters most when judging a PM company.Here is a tip for you.Any PM with reviews of 4 stars or better on Google is doing a very very good job.Even 3.5 isn't bad.3 stars is borderline IMO (Make sure to check them out to see if any landlords are posting complaints).You can't win with contractors mate.It's a non stop cycle of "hire and fire".It's just a cost of doing business in this line of work.Thanks mate and much success

Also on occasion I walk to open houses to speak with the agents/brokers about the business and to improve my speaking skills because I know speaking is a huge key in sales.

@Arturo BorgesI used to work for a Turnkey provider and we often did JV's with the 50/50 split, but on occasion did a 33/67 split (to make sure the Private Lender would make 14-18%) The owner/operator of the business had 100+ deals under his belt.As for networking to get private investors to fund your deals, you will seldom find someone willing to invest in you without any track record.

On rare occasion, someone would say "the loan is current" so I put down zero for that number without questioning them.

On more than one occasion a place that looked fairly well kept turned out to have some serious damages that I overlooked.  

No I have not worked with Memphis Invest, although I have heard great things about them, also Chris am I have exchanged emails on occasions here on BP.

@Duarte MarquesPossibly but highly not recommendedFor those with no real estate experience or experience in taking on debt, it’s not easyTo do it also with little to no down payment or reserves in most occasions will end in disasterReminds me of when in high school a friend used to let his dog drive his car.

(Sellers have called us over 8 other mailers sitting on their table and this has been the case on multiple occasions.)The main focus is to build a wholesale business and short term rental portfolio like we have in Colorado Springs.

You'll end up paying more than the assessed value most times, but there are occasions when the assessed value is a lot higher than offer price because the condition of the property isn't the best.

@jbeard I've read little about turnkeys, my understanding of them are "ready to rent" properties and on some occasions there are already tenants in the property. but how profitable can this be?