I know you may not agree but I have been through this same dilemma on every occasion when we have bought a four plex. 

@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?

With this question unanswered, why are investors (and I've see a lot of the same ones purchasing Condos in this situation on multiple occasions, so I have to assume they are professionals) purchasing these Condos when they know they can't get clear title, and could subsequently be joined as a party to the 1st Trust Lender's foreclosure on the property?

I will never forget that in this site on several occasions I heard a member insisting that section 8 rentals needed animal cages.

Mark Forest We always include a deposit, some times very substantial, never cash, usually a personal/business check and on some occasions a cashiers check. 

I've read (in many of my books) to not expect or rely to make money on appreciation, that is far riskier that most RE investors enjoy as an added plus in some occasions.

I think there has only been 2 or 3 occasions where I have been on the hook for the trash bill and I just took it out of the tenants security deposit.Our logic is:#1.

On occasion we do some general contracting work but not that often.  

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

You'll need it when the occasion to commit into RE investment is right.