If a wrap is being used, and the existing underlying note is not assumable, then the note holder can accelerate the note at any time, demanding a payoff in full in a time period compliant with the laws of the state the property is located in.Many states, like Texas have state forms in which the blanks can be filled in to be used for an offer on residential property.

Zoning should be less of an issue, but given how rural Westminster is, I wonder whether there's sufficient demand for 100+ new homes.  

But this does seem safer, and I'd rather play it safe.

I know many variables can go into play, but run this simulation with me. 

We are also looking at long term play for AZ with water/drought and general warming up. 

No sweat if you'd rather play those cards closer to the chest.

I don't think that a 12% cash-on-cash return deal would be particularly difficult in today's market, provided that you are focusing on rental returns and not, say, a speculative play in a high-appreciation, low-return market like San Fran, DC, or NY. 

Turnkey investing is very dependent on the market the companies are located, level of involvement desired, policies of the companies, pricing, warranties, and whether they have in-house property management.For example, the seasoned turnkey companies realize that their demand is driven by investors looking for a safe, consistent return.

Because they will play a large part in what you get approved for/how much they offer.

@Sean Weichel This is where your local market research comes into play.