There are lessons I've learned from my own mistakes and would offer this advice to anyone considering the purchase of turnkey properties. 1) visit the property and the neighborhood and meet with the turnkey operator before purchase.2) get the opinion of people from Bigger Pockets about the desirability of that neighborhood before purchase3) get comps from a realestate agent that is unrelated to the turnkey company to verify that you're paying a fair purchase price. 

Every time you evaluate a deal, you'll be able to determine the margin you want to set.Three, you yourself are going to have to set your desired "profit" for any deals you attempt.

I seem to hear a lot of people suggesting you will be able to somehow coax the owner into selling if you find out their secrets, ask the exact right questions, *insert guru phrase* etc. but the fact is that most people are either not going to want to sell to you at a profitable-to-you price, or the ones that do want to sell are too far gone and they are aware of this (hence the desire to sell). 

They use a price per sqft calculation based on the desired finish and level of work needed.

Troy-If it's a desirable area a local GC/builder would probably be wiling to JV it with you if you buy the lots free and clear.They will lien the property for a hard money loan/to protect their cash input on the build and split profit with you.If you can't arrange this deal wholesale it.While I"m a HUGE fan of doing spec builds (here in Tampa) if you have to ask this question here you probably shouldn't do it without a reliable JV partner (as above)

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Thanks to BP I have been able to go from just a desire to get into real estate to actually take action and do deals.

Since current rents are significantly below market and tenants appear less than desirable, I would like the current tenants to move out so I can rehab the units as well and get higher rent.

No money down is certainly possible; I just know that often it's not desirable, as @James Wise alludes to, as well.I learned decades ago that the money I need as a real estate investor is rarely a barrier to acquiring or controlling a deal.

Of course, those directly on the oceanfront were astronomically more expensive.Those on the west side of 3A were somewhat lower priced and were considered less desirable - even though much of the west side had 2 acre zoning - much larger than the east side.The distance between the two sides could be 100 yards and the price difference could easily be $100,000.If you don't have the local knowledge to discern that sort of thing, I suggest contacting a good full-time Realtor to help you.