In this scenario, lets assume the mortgagee and mortgagor are both in agreement and would like to terminate the existing mortgage agreement (rather than pursue foreclosure).

@Dave MinorI didn't know that existed.

But in real estate, Turnkey is more of a process which includes the purchase, renovation or rehabbing of an existing property, the leasing and then the sale of the property.

@Jimmy Warr  Yes and yes to your questions.Regarding the property with existing tenants, I've also found it helpful to chat with the tenants while you're doing a walk through, if possible.  

For two or three months, you might be able to get away with the supply and return ducts going through a window or other existing opening in the side of the house (attic gable vent?)

At the end of 5 years, you can decide to change lenders, in which case you need to apply to other lenders, or your existing lender (as long as you have been making regular payments) will offer to continue your loan into a new term with the existing amortization continuing.

You could even (potentially) show it with the existing tenant in place, if you give the tenant sufficient notice (check local laws) and you trust the place isn't a pig-sty.Good luck.

Flipping PropertiesIf the primary objective of your real estate business, or one of your real estate businesses, is to buy, potentially fix up an existing property and resell it within one year, the Internal Revenue Service can consider that to be an active trade or business.

The original pro rata split per limited partner s/b retained, i.e. their splits should be cut in half.    

Marketplace inefficiencies exist for all three approaches.