I'm going to digital entry (four students, they lose keys a LOT) and smart home features (like turning off the HVAC when doors and windows are open because students are apparently idiots and do, in fact, air condition the whole darn neighborhood), plus a few exterior cameras. 

My goal is to test this out under a sublet condition rather than to buy a property and attempt something like this without having gone through the trenches so to speak.

Explain what it takes to get their offers won in these market conditions and then see if you’re on the same page. 

This is because you don't really own the property, you just have a contract to own it once certain conditions are met. 

Being first is not always a good thing when it comes to those guys...Lots to think about for sure... however with a well thought out plan and some very favorable conditions on the purchase, you could make something work if you don't overpay for the dirt.

If it’s too much to tackle alone or if you don’t believe it’s right to take on all of those hassles without some conditions, then I’d walk away.

It was a second house they owned in bad condition that was used to store miscellaneous stuff all throughout the house.

Alternatively, you can benefit from seller financing at better conditions.

Another risk especially given as you say this home is in need of major work - the tenant could start filing complaints against the home's conditions as soon as it is sold -  which would put the brakes on any removal process AND force you to make updates to the home for their benefit, or force you to pay fines and pay their moving costs.   

The biggest challenges with Turnkey providers:1) Terrible renovation work - we've taken over many properties that investor bought turnkey and they were shocked to learn the true condition of their property from our TakeOver video.