A good turnkey company will have a high (and consistently tracked) occupancy rate and other good performance metrics so doing your due diligence when selecting a partner will go a long way to mitigating these risks.

It's really all about risk tolerance and whether you have other options.  

Here is a nugget of information that I picked up from Lou’s presentation, and you can get nuggets from information from almost all presentations, even with sales involved.

It all depends how involved you want to get in the project and what level of sound proofing you are trying to achieve.

Unless you have a good answer to that question, you are at risk for getting into it and quickly burning out when difficulties arise (and they will).If you really want to get into rental properties, I would look into if you could even get a loan on an investment property given your debt to income ratio.

My 5 year goal is to become a professional real estate fund manager.I happen to live in NYC where there is a large concentration of people with 7 figure incomes who often have a difficult time obtaining a more than nominal return on their at-risk/disposable capital.

They are affordable, but the HOA fees and the politics involved make me leary.

Then there is the damage done to the base of the garage structure itself and I need to know what my risk is and and what it would take to fix.  

One reason why I considered West Michigan is due to my family being heavily involved in the construction industry.  

In my opinion most flippers are taking on too much risk at this point.