That narrows it down I bet!   

I've personally experienced how much of a difference doing property management well makes versus doing it poorly. 

How it was handled is messy, poor docs, potential fraud from owner forging end buyer signature without consent, no paydown financial logs(amortiz table) on the REC since there was no escrow company involved so the payments were going in direct to seller account who was not paying property taxes and the tenant is getting burned on this deal.(2)The contract almost non existent or sketchy at best.

Early to Middle will be your best bet.

Heard some concerning stories about turnkey providers providing very poor properties that are just "lipstick on a pig?"

I don't know about any movies....books are the best option IMO.Rich Dad, Poor DadHow To Invest in Real Estate (BiggerPockets bookstore)Read a book on flipping, a book on long-term rentals, a book on short-term rentals, and a book on multi-family. 

I'd be willing to bet they coded in an override or factory reset into the control panel anticipating codes would be forgotten or it becomes locked.

I've been in investing for more than 20 years I'm also a broker so I've seen firsthand the problems that poorly educated / trained agents have on this profession.

I'm particular to that book as that was the very first REI book I read (minus Rich Dad Poor Dad) and it really opened my eyes up to what is possible.

Of course you can offer cash for keys.The studio at $400 below value likely is not in poor enough shape to justify a rehab.