A condo has its place, but there are more downsides, to include HOA issues, common spaces, control issues.  

That budget will control the marketer towards the varieties of events the organization can afford to follow, and also their regularity.

Remember you don't have to own a property to control it.

It is a numbers game where you must be in full control of your financial freedom as originally planned.

Because of their volume, most turn key companies have dedicated crews that are working exclusively for them, so they have a lot of control over the. 

There are also many ways to invest out of state if you think you have the mindset for it (less control but you don't manage it yourself). 

Or does there need to actually be "cash" equal to the amount of the property purchase price in a checking account in which I control?

Michael,I think you certainly have an advantage as contractor to not only understand costs of rehab and managing properties, but also the ability to control them and keep them rather low.

A great Investing Agent will do everything in their power to locate them, and gain control over that interest in some fashion or another.  

Yes he can create a limited partnership and give the main interest to his son and still remain in control of the  property so when he sells the property he will only get taxed on the percentage that he owns.