If IRR is too fuzzy, look at the return multiple.

If you want to be a landlord/investor that is fine but don't involve her or the family.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

An alternative is to get multiple references about who are the top realtors, contractors, and lenders for the area.

If you're looking to hold multiple mortgages in the future he's smart and strategic.Definitely set up an appointment to discuss your needs even if you've already met with other specialists or brokers.Cheers,T :)

Turnkey investing is very dependent on the market the companies are located, level of involvement desired, policies of the companies, pricing, warranties, and whether they have in-house property management. 

And that might really impact your choice.You may have to buy multiple properties using down payments. 

All of these can be found on Trulia.There's so much more that you will learn over time, but just getting involved with someone and doing it yourself will be your best teacher.

@Chuck KautzHey Chuck,I like your idea of getting your daughter involved.As a father of 2 kids that went to college I think this is a great time to expose your child to what the whole process involves from purchase to rehab to managing this property.Your child will get so much real world experience out of the process I hate to say but this exercise my have more of an impact on her life then the BA has!

However, there are multiple ways to access equity in investment property.