Then there will be a few odd ducks that need lots of repairs or where there is a big 2nd mortgage to negotiate down and you'll be first in line to buy these.I actually like this model better than what investors used to do (negotiating directly with the bank) because it's a lot less work and we as investors can focus on the other parts of the business.

Seems like you have another job, so focus on buying quality real estate and hold it long term. 

Since my focus now is retirement and cash flow - leaning towards all cash purchases but totally understand both pros and cons.

We are partnering with a long time friend of mine and will be focusing on small multi-family properties to buy and hold. 

Turnkey is a long-term investment focused on cash flow, so you let your tenants pay off your loan, you pocket the net income for a while, and then eventually the property is paid off and your cash flow balloons, usually around the time you really need it for retirement.

Thanks for the advise, @Shiloh Lundahl I think they are focusing on a full time investment business, which I am not opposed to, but I was thinking more of a 5 - 10 year plan.

It's easy to get caught up in the fervor of the market & "everyone buying" energy & lose focus on the balance sheet long term.A business acquaintance of mine runs a large Team at an SGF area KellerWilliams, she told me most of her agents will likely have a slow summer, due to low inventory & high purchase prices.

However, I am mostly focused in Fukuoka.

If you're going this route, I'd focus on the fundamentals and what you're looking for as a homeowner.

If you avoid speculative markets (back then it would have been Vegas, Phoenix, Miami as examples as speculative) and focused on value add apartments the research would suggest almost nil in apartment owners being delinquent.