Access to highways, clearing heights &loading docks, ESFR sprinklers, and above all tenancy is critical.

If you're a single mom with student loans, a car payment, and living paycheck-to-paycheck, then $20,000 would be devastating and a reserve is critical.

This is another reason why understanding the operating agreement is so critical.  

That's critical to start with. 

I think the critical piece is having a good team (cleaners, handyman, plumber, etc) in place with people you trust and having processes in place (process for turnover, process for safety checks, process for updating rental calendars, process for updating rental calendar based on future holidays and other important events happening, etc.To answer your question about the biggest risk, I think the biggest risk is the weather. 

These questions are necessary because some turnkey purchase contracts limit your options, and it's important to verify critical information.You must be allowed to have an independent property inspection.If you are not satisfied with the turnkey’s property management, you must be allowed to move your property to another property manager.You must be allowed to get multiple bids on expensive repairs.

The type of tenant you put in your property is critical and similarly the area you buy in can have a serious trade off for high cash flow but the investing becomes much more active.

I should have focused on books and farmed out tax prep early on to get the hang of things, and a few critical years here and there, at least.

@Brett FerraraOperating agreement would be very critical as you need to determine how to resolve disagreements, but someone out who wants out, who is making decisions and running the day to day.

My wife/business partner have eliminated most if not all "Bad" debt to leverage our time to bulid a business while at the same time positioning ourselves to borrow when the rate of return justifies the situation.During the paydown period we learned along that an solid foundation in financial education is critical to successful growth.In our opinion you need both to bulid wealth.Live below your means so later you can grow your means...Be debt free but able to leverage when an opportunity arises...Just our two since cents...