Off the topic, what happens if a title company actually misses a lien or something of this nature.  

However, I think it is important to standardize the definition of Turnkey:*Turnkey = A cash flowing asset, that has been acquired, renovated, tenant placed and vetted and all managed by (1) operator - all service are in house.You do not want to work with a piecemeal operator, they have no skin in the game, the loyalty is very short lived, plus you cannot place actual value on a property that has not been renovated yet, difficult and complex to finance.

Branch of a Foreign Bank or Insurance CompanyInterestDividendsCapital Gains (Income Code 9)RoyaltiesReal Property Income and Natural Resources Royalties (Income Code 13)Pensions, Annuities, Insurance Premiums, and/or Alimony (Income Code 14)Scholarships and Fellowship Grants (Income Code 15)Pay for Personal Services PerformedPay for Independent Personal Services (Income Code 16)Pay for Dependent Personal Services (Income Code 17)Pay for Teaching (Income Code 18)Pay During Studying and Training (Income Code 19)Artists and Athletes (Income Code 20)Real Estate Investment Trust (REIT) and Other Trusts Distributions Subject to IRC section 1445 (Income Codes 24 and 25)Unsevered Growing Crops and Timber Distributions by a Trust Subject to IRC section 1445 (Income Code 26)Publicly Traded Partnership Distributions Subject to IRC section 1446 (Income Code 27)Gambling Winnings (Income Code 28)Notional Principal Contract Income (Income Code 32)Substitute Payment - OtherCapital Gains DistributionsOther Income (Income Code 50)

My tenant basis allows for a lot of "trust" because they have huge skin in the game.

In my opinion properties well suited for vacation rentals have:A great location for touristsNear outdoor / recreation destinations (beach's, ski resorts, etc.)Near nature (on a river, lake, ocean, etc.)Or perhaps a great location for business / corporate housing (Downtown, near major companies, etc.)Decent demand year-round (If it sits vacant 40 weeks out of the year you would be better off with a long-term tenant).Great amenities (WiFi, TV, Furnishings, Linens, Coffee, small appliances, etc.)Accept credit card paymentsPool / Hot Tub is a nice bonusOutdoor space at the property (Deck, balcony, patio, BBQ area, etc.)Pet friendly (not required, but will get you more interest)If your property seems to meet many of the above characteristics it is probably well-suited for a vacation rental.Some major differences you will need to figure out (compared to long-term)Who will do routine housekeepingHow will you get the guests moved in and out (lock box, in person, etc.)What laws govern your locationsWhat tax implications (bed tax, reporting, etc.) will you have to figure outHow much extra will you need to charge to make all the above worth it.

Second, in this game (as most games in life), you must have thick skin! 

You want it to be taken out as the damage is doe because the security deposit is their skin in the game and incentivizes them to not have an issue.68.

The buyer has a lot of skin in the game. 

@Jeff Lezark I intend to have some skin in the game.

What are the best options you have when your credit is in a process being worked on and you see potential single homes to multi-units that you want to invest in and not to mention, no skin in the game?