The players are more sophisticated and less likely to be Looney Tunes like what you deal with when bidding on distressed SFD projects7.

Looked at this market for some time, but haven't pulled the trigger yet.Also very interesting market are the ski/mountain resorts in Bulgaria. 

So they are another player on your team in addition to your acct. atty, and financial planner.

Also, if you are primarily concerned with cash flow, I think you'll have a very tough time finding it in some of those markets - Hoboken, Weehawken, and nicer parts of JC have a lot of cash buyers looking for a place to park money as well as appreciation players.  

Don’t mean to sound discouraging, but I think it’s extremely challenging for a new player to “fix and flip” apartment buildings in prime Bay Area locations. 1- you need a lot of money to start. 2- many more experienced players with significant broker connections are looking to do the same thing. 3- it’s very tricky in any city with rent control (you really need to know what you are doing if you don’t want to loose your *** off ;)As for your question who buys these turn key properties, that’s easy: rich people.

Look for strong, experienced players that can add value in coveted submarkets w/n the strongest overall markets and can ride out downturns when they arise. 

Note that there are multiple players in the title insurance world.

Lender... equity partner with bigger players were you can make 5 to 10 times the amount of return that you would on a annual basis as a landlord.. 

For short term rentals (I live in a resort area) it is 25%.

Learn the lay of the land, the players (banks, CPA's, contractors, other investors) and network like crazy.I would stay away from gurus and "mentoring programs" The knowledge and info you can learn on biggerpockets in just a matter of a couple weeks far outweights anything you will be able to learn in a program ...