As a renovation lender, I suspect the main reasoning behind limiting renovation financing to contractor work is that the bank is more comfortable lending on a property that is more likely to have work done to professional standards and because there is a limit on the time you have to complete the project.

Standard operating procedure.

I did it within 90 days (Sort of) Items Standard Cash Flow Actual Cash Flow Purchase Price $47,000 $47,001 Repair and other costs $6,500 $6,500 Total Cost $53,500 $53,501 Cash to close $13,375 $53,501 Monthly Rental $920 $920 Mortgage (25% down 30 years) $185 $0 HOA & CPA $38 $38 Insurance $50 $51 Property Tax $142 $142 Mgmt (10%) $92 $0 Vacancy (5%) $46 $46 Repairs (10%) $92 $92 Sub Total of Monthly Maintenanth $644 $368 Monthly Income $276 $552 Annual Income $3,310 $6,621 Cap Rate (Net income / purchasing price) % 6.19 12.38 Cash on Cash % 24.75 12.38Photos.Lessons Learned#1.

I used 25 percent but now with looser lending standards use 20%.

next to the parameter queues that give suggestions. 5-10% is the standard used for vacancy on these boards.

Jeremy is known to some of the others in this thread for the syndicate deals he invests in, his due diligence standard, his views on the RE cycle etc.

My standard answer to clients is along the lines of: "I can fill it tomorrow if you lower the rent or lower the leasing guidelines.  

the set up is pretty standard stuff any of the pro's on BP can help with that... one thing I have seen and I have done a LOT of financing for IRA buyers... is if they are going to buy rentals .. they need to have adequate reserves.. and probably more than adequate.. as you can't add your own personal funds if you have a messy tenant and have a big turn over bill and you do't have enough money in your account... it can lead to real issues... so just go into it well capitalized and if your buying rentals don't use your last dollar in your account always keep 20k or so liquid for the unknown that may occur

Was wondering what other features investors currently look for in turnkey investments except for the standard returns? 

There are 5 free uses, I believe.Based on a quick run through the calc, it seems like low cashflow even if you assume $0.00 property mgmt (counter to standard advice).Report: Manziel quadplex analysis PDF