As a self-employed musician, I finally have 2 years of high tax income being shown, and I have some cash to buy now in Los Ange. 

That leads to fewer maintenance costs and longer occupancy.Each of those factors will absolutely effect the long-term performance of any property - not just a Turnkey property.Lastly, if you want to just cut straight to the chase about returns,  expect to lose 50% of your rents annually and reflect out over 10 years.  

I self manage and rent my place out 35 weeks a year.

I converted a portion of my IRA to a Self Directed  IRA (SDIRA). 

If fire was primarily in one bedroom, but smoke damage effected whole unit, does that call for removing/replacing of all sheetrock? 

Hi AllAny investor self managing a vacation rental in Palmbeach Area?

Things like taxes, etc are no problem but when I do my periodic walk around our city and spot an unkempt house/apartment building how do I tell if the owner is well positioned for self finance, etc? 

I don't think there is too many markets that can give you these returns (Seattle, SF/San Jose, Southern California, DFW, LV), without risking a lot of capital.BTW, no replies on cost to build 4plex.Terry Am I misreading this, financing doesn't effect your cost basis which is used to determine the gain (100k).

With all the info online and such, please do not waste money on self proclaimed gurus.

This $$$ you may or may not do so it will negatively effect your underwriting and business plan if you unnecessarily budget.