As a realtor/investor, I work with a lot of new investors, and these are the most common pitfalls I come across.

It basically let's her know that she is in violation of her lease (causing damage to the property, creating a fire hazard, inappropriate use of common area) and that she either quits/cures or will be evicted. 

@Deangelo Mack this is a common scam in the rental business.

If she failed, you are allowed to charge her for the unpaid rent and the late fee.This is very common for renters, particularly with prorated rent on their final month.

It seems like I would be the one taking all of the risk so I am trying to make sure to avoid all the potential pitfalls. 

However, taking out capital anytime is not common.

There seems to be a common theme in any industry where experience is required but no one wants to give you a shot to get that initial experience.

As has been stated by others, there is no common definition of a turnkey property, and it can be very risky (and expensive) to make any assumptions.The ongoing management of the property is another area of vastly different approaches to turnkey investments. 

this would get you to 24-32 tenants.My thought would be to have each room with it's own bathroom, hire a cleaning service for common areas, and building out a shared deck for the four buildings and maybe a smaller building as a common area as well.Any flaws to this idea, assuming numbers work out?

Hi all,Been looking at typical syndication structures and have seen a common one is to offer an 8% preferred return and then 70/30 the cash flow above that between GP/LP's.My question is, what is the 8% preferred return based off of?