Having a solid foundation is key, adding significant value to every deal allows you to grow,  I would say with your $50K go out and do a rehab and make $30K on a flip so you can add $20K to your $50K  ($10K set aside for taxes) do it a few times so you have a great launching pad and rehab experience for the rentals. dont buy turn key rentals, always buy below value, and push the equity with a rehab, and right now in the market cycle, only buy great deals, marginal deals will burn you when this market changes.

They were offering it as a turn-key deal with property management and current tenants established.

And as mentioned above, screening is key.

I heard some crazy stories, a guy in my building was blackmailing the owner for key money even though he didn't live there anymore and had illegally sublet it out!

I would advise you to look up the turn-key rental opportunities in Memphis and make that your first target (I can think of a really good one, but no ADVERTISING on BP forums!). 

After all documents are signed and payments exchanged, buyers generally take possession of the keys unless a separate agreement has been reached to allow the seller stay in the property for a period after closing.

it just takes these regulators usually 2 to 3 years to hammer them.. they know when the statue of limitations runs and usually show up at their door step at 7am when they are still in their PJshttps://www.sltrib.com/news/2017/10/12/utah-man-se...Read up on Chad Deucher he had a turn key bizz like Morris.. wreck a ton of people like Morris in the end he got nailed.these guys came into my Oregon office seeking financing when they were about 1 to 2 years in.. 

@Sean HarrisonThe key is service and expertise as you will likely have questions regarding how to invest in real estate or alternative investments.  

She mailed me keys so I could look inside and let her know what I thought. 

Account Closed  Keep in mind the top markets you mentioned are all TOP turn key markets were investors are buying rentals 10 to 15k profit for a turn key company is what they do the difference is the turn key companies might sell 5 to 10 a month..