Quote from @Lee Burns: I closed on a 2 family in the Avondale Park area on Feb 27th. 

LET-IT-BURN! 

This is a great lesson learned that I suspect has burned many-a-landlord.

I have seen some people get burned by their partners because they clearly didn’t have the same goals and didn’t communicate well.

As someone stated above, if the management company calls for service every time a tenant hears a funny sound, a faucet drips, a light burns out, a door wont close good... you get the picture, you will be hard pressed to make any money. 

So when I brought that to his attention he said he told her he smelled smoke from a burning barrel.

Hope that helps - I just know several who have been burned regarding turnkey. 

It is when you deviate from your standards you get burned and fail.

I know several investors that have gotten burned attempting to do this.

I’ve learned it’s only worth making an insurance claim for something major like when the place burns down or you’ll just get dropped or have rates increase, and I never voluntarily speak to lawyers  (sorry lawyers, love you guys).