I have some capital and other potential value add to contribute to a deal.

@Jamie HenkinAbsolute yes on the inspection - no matter how good you know the turnkey company, how many properties you bought from them in the past and how much you trust them, I would ALWAYS order a professional inspection.Even more so, I would not go with the property inspector recommended by the turnkey company to avoid any potential conflict of interest.The turnkey company may have missed problems during the rehab, they may have cut corners on other things and just ignored more things.

It also has the good potential to flip.

You get potential cash flow, tax shelter and appreciation.

But I do know that the title company that you are going to work with will be able to answer a lot of the questions for you and potentially be able to help you write up the contract on or have connections on people to help you with it. 

Not so long ago Oregon laws changed which were not good for landlords, but the one potentially good thing out of them was this Guarantee Program.  

Here is a part of the letter, I sent to the seller:The home inspection was completed on September 29th (please see attached) and the following issues were pointed out: 1.The wooden floor frame in the middle unit is deteriorating due to either prior water leak in the bathroom or due to moisture infiltration through the walls and foundation.2.There is evidence of significant settlement under the middle unit bathroom and north closet.3.The settlement of the floor and walls has also resulted in settlement of the roof frame above this area, ceiling shows cracks.4.There is an obvious depression on the roof – water is ponding on the roof above the middle unit, which adds excessive weight on the roof and potential for leaks.5.Asbestos containing material has been found.6.The current bedroom heat installations in the north and south units pose a safety hazard from carbon monoxide, fire and oxygen depletion.7.An electrician performing upgrades did not use ‘arc fault breakers’ in the north and south unit breaker panels, which is required by the national electrical code.8.Upgrades to the electrical system, promised by a real estate agent, have not been completed yet.

The Tucson market has potentially, as well. 

While well and septic don't necessarily disqualify a potential investment they do raise some concerns during the inspection period. 

I had 2 offers the first day we listed it for sale.I still buy the lower priced ones and rehab them but then I hold them as rentals.Sort of a rule of thumb for me is anything under $100k = rental above $100k is a potential flip.It's a bit of a slippery slope though because I avoid higher end homes which would be $400k+ in our market because they are harder to sell and I don't want to get stuck with one in a downturn.