@Winston Eastman let's try to objectively (and Logically) look at this.TURNKEYPros: 1) Everything should be done, so no major repairs for near future2) Can finance everything in one purchase loan3) Can also buy with tenant in placeCons:1) Usually paying market price2) Trusting that repairs were all done and done well, otherwise potential money pit3) Any tenant in place may be misrepresented to make the saleOWN REHABPros: 1) If done well, may have instant/forced equity2) You will know exactly what repairs done and how well they were done3) Can place your own tenant to your qualificationsCons:1) Rehab loans are expensive2) Can run into rehab surprises affecting budget (watch any HGTV flip show!)

They are a little more tricky as the sellers sometimes want to sell one day and change there mind the other, but when these deals work out, you can buy into instant equity. 

On the plus side, I know that I'll reach them almost instantly.

What I mean is if I get the seller to take an unsecured note (with a better interest rate to compensate him on additional risk), will that debt be counted as part of the "loan" in an LTV assessment if I try to get the property refinanced in a year (essentially will that note amount become instant equity for me which I can play with?).

Along with the standard work I do on projects, these units included replacing all galvanized water lines to copper, upgrading the electrical infrastructure and installing instant water heaters.I hope that this helps!

If I were to have it appraised and now comes in at say $85k and now have instant equity, will a bank give financing on say 80% of that 85k?

When a deal is really good and will sell instantly, why tell the seller to raise the price?  

Instant equity appreciation. 

They gave in instantly because they knew what they were doing was wrong.  

I'll have to wait for the appraisal but I figure I'll have instant appreciation.