During the normal course of turning over stones to churn up seller/listing opportunities, we come by interesting investor leads.  

I would look to investments that could churn out a return quicker rather than later.

It still might not hit any particular value, but you will get a high quality appraisal and not a churned out high-volume appraisal. 

Is the property manager an “asset manager” or simply someone looking to “churn-and-burn”?

Charging for a new tenant encourages bad tenant placement and churning.

However, the true test is when you can churn a profit during a declining market... when the tide is against you.Even if you're not going to put all your proverbial eggs in one basket, you should refrain from investing (in any asset class) until you've established a viable exit strategy.  

And, using other people's money means reserves, brokers don't have much of a reserve requirement and if reserves come from other investors, churning investors, that becomes a ponzi scheme.I've also found that brokers really don't go into details pointing out risks to investors, that a bit counterproductive to their marketing, even if they really do understand risks. 

A team of vans, drivers, coordinators, cb radios and a dispather are churning cashflow for someone who set up that business.

The two markets I'm watching are pretty hot right now, and whoever or whatever in the Hubzu back office seems to realize this, but from what I see, they are just churning and nothing is getting sold.

We have been faced with up to $5,000 per move out when things go bad, but that is a risk of any property, and can be mitigated with good management.I think the properties churn quickly because of the tenant management issues more than property decline.