@Alex LucilleI think that's the red flag - I googled the address to see if there was some sort of horrible crime there, but couldn't find anything...  

I started installing floors in me early 20s I purchased first house mid 20's (horrible deal) I sold house and purchased MFR in my late 20s and currently live close to rent free in a highly desirable area 25 min west of NYC.  

Where exactly is the property because unless it is in a really horrible area $550.00 sounds really low for the market

Turn key is for Doctors and Dentists who as a group are Horrible with investing. 

Indy included that a total melt down like those other areas experienced is in the cards.the bigger risk to failure in rentals is just burnt out landlord syndrome and those buying thinking they have solid performing tenants when in fact they have horrible tenant pool in their area and the tenants cause consitant loss's for the landlord which creates this burntout landlord syndrome and erosion in pricing..  

Despite what the lease said, they painted the condo (poorly, and a horrible color), installed a backsplash (again poorly, which had to be ripped out), stained the kitchen cabinets, spray painted the patio, destroyed carpets with filth, and caused $7K in overall repairs.

I have heard the horrible stories about how long and exhausting negotiating a short sale property can be.

Once again I apologize if this is a horrible idea or if I'm ignoring some basics in real estate investing.Thanks in advance!

I do agree with Michael that if he's creating enough equity, having a contractor to do work is not horrible decision.

PMs in general can be horrible, and PM-ing is not turnkeys' strong suit.