Turnkey properties are already renovated and tenant-ready, meaning you can focus on the investment side rather than dealing with major repairs. 

However if you have enough reserves, 6mo or greater then I'd say chance it but a couple of missed payments from the tenants and you have to foot the payments out of your own pocket.I'm all for taking risks but I think you really need to evaluate the age of the major systems so you don't get hit with a bunch of cap ex all at once as well as your reserves. 

Hey @Timothy Frazier,Majority of HML's will only take 1st position!

In my case I began a “serious” real estate education and experience in 1979 ; by mid 1981 I was able to successfully conclude what for me, at the time, was my first “major” purchase.

Not all but a vast majority based on my doing deals in PA NJ WV OH SC etc etc. 

It should make majority of what you do as far as work goes. 

I found this deal as an off-market property through my local network in the Hamptons.

Majority of DSCR Lenders do not allow Manufactured homes but do allow for Modular. 

My target for the first fund would be $5-10 million and I have a few HNW investors in my network but certainly not enough.

NETWORK!!!