There is audio from the 2012 Bigger Pockets conference about doing due diligence that includes what to ask and look for in a turnkey company along with red flags.I got the audio in a pack as part of the pro membership, but they may have it available in other forms as well.

Studio apartments sell for more than that.

I've run into that as well looking to convert an empty finished area to a studio apt. in one of my buildings.If the roof or upper floor joists run parallel to the wall to be demo'd its non structural.   

I live in the smallest studio apartment in my town in New Jersey, which is much cheaper than living in the city.  

The other is a 350sf studio.

I just moved from Bethesda to a newly renovated 1BR & den apt in Tyson's...I actually wanted a studio but there were none available so I went with the 1br.

Unit 1: 3br/1.25ba, $1250 rentUnit 2: 1br/Studio (Bedroom, Bathroom, Kitchen); $600 rentUnit 3: 1br/Studio (Bedroom, Bathroom, Kitchen); $540 rentUnit 4; 1br; vacant and advertised for $695Gross Annual Rent before Vacancy: $38,000 Annual Expenses + Vacancy: -$19,000Net Operating Income: $19,000My estimate of expenses + CAPEX reserves and the 50% Rule both agree at about $19k per year.

We have a STR way out in Homer, AK, and three closer to home in King County, WA: A rustic West Seattle cabin on stilts near the beach, a North Beacon Hill studio, and a partially off-grid cabin in the woods in Scenic, WA (past Skokomish, 10 minutes from Stevens Pass Ski area).

I have a client who's done very well with a small detached casita with a studio layout, bare bones kitchenette, and a full size bathroom (all around 200 sqft).

What I love the most is I can truly relate with your hopeful, studios, executed beginnings.