*Property Tax*Maintenance Risk*Actual Construction Cost - you said paint & carpet that can be very relative*Vacancy*Time back to market post tenant turn---------My answer is no this is not a turnkey rental, again, this based on the true definition of Turnkey - How do you intend on managing it for the individual you plan on selling the note to?  

I am the Author of The G.U.T.S.

Welcome to BP you have come to a great community of like minded individuals who like to make a difference in the world.  

The person with authority to sell at the bank died and has not been replaced5.

The correct answer depends on your goals and the individual deals.

I know a handful of individuals who have indicated to me that they would consider investing in real estate in the future. 

I've been fortunate enough to meet some really real estate educated individuals through meetUp and would be very thankful to meet more either like-minded individuals looking to grow or those who would like to share strategies/help guide me in the process.Biggest hope is to understand how to efficiently assess a properties value/cash flow capabilities and negotiate with the best of them.

Not sure how to respond individually to each reply so I will just reply in here. 1.  

I think it also depends on the local housing authority's interpretation and/or mood.

It's great to see so many like minded individuals helping each other out and building financial freedom.