Everyone is starved for deals right now, but no one is going to risk losing money.

I've always been frugal and the only risk I take, besides my job, is investing in stocks, which I don't find risky.

It's basically insurance to cover the lender for the risk of making a loan to you.

Both are hard and carry risk.

Leaving it M2M, you risk someone moving out (even with a proper notice) anywhere from October to March, which can be tough months to find a new tenant to move in at full price.

Another con to be aware of is regulatory risk.

I feel like if I’m the one taking the risk on this investment I should be the one making the money.

If the tenants are on an 18 month lease, you run your analysis using current rents as projected income. this lowers your purchase offer, and punishes the irresponsible landlord for offering an 18 month lease at below market rents when he planned on selling. if the lowest price he is willing to accept is calculated using market rents, then you compare your risk aversion and capability to carry the property at a loss for 18 months to determine if it is worth buying still. likely not depending on how far under market rents are.

With turn-key specifically, I'm hesitant to enter higher cap rate markets, which by definition carry more risk.

You do need to understand debt and the underlying securities but this is certainly lower risk than above.Note funds.