You have less control over costs when you own a condo or coop. 

Remember you don't have to own a property to control it.

They still want to manage there own properties to keep full control but running out and doing showings gets really old after a while.  

People who have a hard time giving up control and trusting other people to handle something will have a hard time with turnkeys.

The partner needs a way to control his risk if the rehabber doesn't perform.Another is...rehabber might select the realtor and sales price, but the realtor sucks or the rehabber is being unrealistic on price the house sits on the market.  

Remember you don't have to own a property to control it.

Will use professional management company to manage it and keep it under tight control (no drugs, etc)My partner and I are not experienced in large deals like this.

We are however displeased with the lack of communication from this company...they do not respond with emails or phone calls...when we have inquired about invoices for services...and a very high pest control bill showed up...which they took out of our rental income...without even notifying us of this expense.

Honestly, I divested all of my 5-year contribution monies from my ROTH and divested into RE when I realized the stock market rises and falls for reasons completely out of my control.  

Interesting observation..Eight of us were working on the intensive drive control commissioning of a large complex & the all knowing management decided to create an office for each engineer.