Not to mention a $190,000 property would nearly drain my savings.I'd like to hear some stories from others about why/why not purchasing turnkey properties is a good option. 

I have section 8 units and so far have avoided the real nightmares of section 8 lore (the ones that steal everything, vandalize, pour concrete down the drain etc.), but I have had some real challenges such as just yesterday had a tenant OD (and pass away) in a unit, as well as not one but two kidnappings last summer, a tenant who’s son got shot in the face in the parking lot, some stabbings, countless fights and arguments and cops at the building and of course the missed rent payments (tenant portion of course which is only $50-100), and much higher turnover rate than my non-section 8 units just because folks who can’t afford rent generally have less stable lives and move/ are involved in crime/ go to jail/ fall off the wagon/ have incidents of domestic violence/ revert to homelessness etc. more often than other tenant classes.

In a good school district, property was flat & well drained so minimal site prep, (a huge positive), but it did need 12 large trees taken down.We sold it word of mouth for a quick $45k net profit.

But assuming that the first year is predictive of the following years--and this is a big assumption, you better watch out---then it tells you that besides everything else, the investment will not be adding to your liquid cash, not draining it, returning 10% liquidity to your cash invested per year.The idea with many investors is to put as little down as possible. 

Removing a fitting from the washer drain so the tenant could hook up their washer drain hose, $60.

Not what you want.Hopefully the unexpected cash flow drain stops quickly.Good Luck!

Purchase price: $760,000 Cash invested: $60,000 House hack, I live in one of the unitsIncome ~ $4,250Mortgage ~ $4,550PMI ~ $425Flat fee utilities covers everyone's utilities30 yr conventional fixed at 4.5%, 5% down owner paid closing costs = $38kMy unit would rent for $1400 easily (2br/1ba) making total income $5,650Once PMI drops, mortgage will be ~$4,125Repairs were upgrading electrical, fixing drain, fixing boiler, new shower in my unit.

Purchase price: $44,501 Cash invested: $13,300 Sale price: $129,900 Quick flip, rehab time was 3 weeks, just needed clean out, new flooring on first floor and carpeting through stairs and 2nd floor, Property was built in 95 and has a full basement with French drain and newer utilities.

I expect to make a minimum of 80k flipping annually if the world doesn’t go down the drain.

I can fix the basement on my own (I am a contractor and have some experience with basement perimeter drains) for around $1,000.