But I would assume yes, you would still have to bring money to the table either way.

Depreciation is of more of concern if you hold for seven years or more - - the recapture spoils you profits and the end-game.I buy and sell on the Cash-on-Cash return and so do other buy-and-hold investors.There's lots of paper tigers but none of them put food on the table imo.

@Jason WilliamsonFor a single promissory note such as lending to a flipper, you do not require checkbook control - and the extra cost and complexity that brings to the table.  

(FWIW, if you have the resources, some of the best deals that I've seen over the years have been upscale fixers, which often just need a lot of cosmetics and feature motivated sellers (often heirs) who can afford to leave some money on the table to quickly get rid of a headache.

You can qualify for an FHA loan which means you don't need to bring as much money to the table initially.

They provide 80% of the sale price, I bring to the table 5% of the sale price, and the remaining 15% is seller financed. 

I guess my last question is, with a turnkey property, does that take the option to make improvements to raise the value of the home to then refinance and get some equity back out to lower your initial investment off the table since these improvements will have already been made by the TK provider?

Or if we meet at lunch time we could meet at a mall food court - that way everyone could get whatever food they want and we could move together as many tables as we need.Please tag or reach out to others that we should invite and ask for their input.

I picked up a property recently that the investor had overpaid so badly for, that she actually came to the closing table with a check for $46,000.

When I read BiggerPockets it literally feels more foreign to me than French.