Alternatively you may decide not to address the capex but be prepared to deal with high frequency maintenance requests with duct tape repairs. 

Last, you can do an unlimited amount of repairs to a home using a 203k renovation loan (up to the FHA loan limit), including knocking down the house and building a new home!

All of my TVs have "guest mode" that prompts the guest to enter their check-out date.

So there will be the cost of the inspections (not cheap) and the cost of the repairs.  

Out-of-pocket capital improvements and repairs anticipated during the first year12. 

We do that all the time for inspections or to make repairs. 

Finding an agent, finding contractors, overseeing repairs, finding a property manager, finding tenants, etc.

@Derek Buehner Repairs made to your primary residence while living there generally aren’t tax-deductible.

(@Jonathan Greene DM us if you'd like to chat about them)Regarding turnkey in Metro Detroit, haven't seen anyone do it the right way:( We've picked up dozens of their clients that fire them due to poor tenant performance and nonstop repairs on their "turnkey" properties. 

I talked to numerous California investors in real life and phone/Zoom calls who have lost money in far away OOS markets, mostly Midwest markets (e.g. repairs, capital expenses, bad tenants, properties vandalized while under renovation, evicted tenant stole all the appliances, property managers with high fees or overcharging for repairs).