Only thing I could easily see bumping up the IRR significantly is assuming 5%+ annual appreciation over say a 5 yr hold.

Say a selling agent there gets. 2.5% of the selling price of the lot, you might be able to get .20% of that.

Maybe see if one of the local economies had more diversification say a larger health system ,school system, food processing etc that can make an investment have a more managed risk level 

home seller, where you don't buy it but offer to do a mild rehab, let's say a house that needs updating, MILD REHAB, "grandma's house", Say Arv is 200,000, needs 20,000 in work, I like probate houses for this, the heirs want quick solution.Offer this to the seller, Mr Seller, we will do a joint venture, I'll come in with my money and do the rehab, pay the workers pay materials, then will use my agent to sell, pay the commissions and the closing costs, and then when the house sells I'll get a check for what it cost to do the rehab, and I'll charge joint venture fee, and that fee depends on a few factors.The mechanics are buy it sub2 or a note w no payments, own itGet private IRA loan for the $20KPlace guaranteed profit JV agreement for you and the sellerThen improve it - list it at 97% of comps with a high producing agent - work with agent on improvements as far as what buyers want."

Don't want to buy a 5 bedroom house and find out for students you can only have 4 (even though HUD would say a family of 10 could live there).  

Possibly, I just don't know too much about Section 8 to say a definite answer. 

I will say, a real estate adage is "condos are the last to appreciate in an up market snd the first to loose value in a down market."

Now if you place those properties under a llc...say a tenant does get into an accident resulting in a lawsuit.

When you say a turnkey rental property, are you talking about a property from an actual turnkey provider or just a property that is in turnkey condition?

Do you have any info on typical Income/Expenses for say a duplex that has both sides doing Airbnb?