Both approaches can be effective, but they come with different sets of considerations.Turnkey properties are often a safer choice, especially for those just starting out.

There's potentially a domino effect in the event of an unforeseen major expense exceeding my reserves (mainly thinking in terms of natural disasters) affecting my whole portfolio.  

Quote from @Reid Chauvin: @Manuel Reza - if the rooms are furnished, furnished finder is a great option for both short and mid-term stays thanks Reid, is $99 per year, I guess is well worth it, meaning is effective, do you think so?

Being able to enter a property with only 5% down means you can leverage your money way more effectively as well.

I will need to remove the carpet and replace it with something durable and cost effective. 

if your doing a senior project I would suspect your best and most cost effective landing solution is going to be a local community bank that loves real estate.. in my experience most will want 50% down on the dirt and a ton of experience and a really strong balance sheet.Myself I always pay cash for the dirt this makes finding a lending partner much easier.

Holding EXEMPT (from bankruptcy forfeiture) assets, holding assets in exempt entities (retirement accounts, pensions, IRAs, in some states insurance and annuities), homestead exemption, remote entity protection (LLC, Serial LLC, Corporations, Limited Partnerships,) Asset Protection Trusts, using separation of assets for married individuals (in certain states) charitable remainder trust, etc. can be very effective though can be costly. 

An interesting fact about flipping in CA -- effective July of this year, investors are required to disclose their contractor name and contact information.

LMHA gets a staff of a couple dozen people and a big budget to be bureaucratic, the tenant gets cost effective safe housing, and we get steady rent checks)Does anyone else have these issues???

Based on the story they told me it sounds like the parents are effectively homeless and I suspect they have simply moved them in without permission.