There are some related discussions (
https://forum.mrmoneymustache.com/real-estate-and-landlording/how-do-you-find-good-investment-deals/), but I thought this might be worthy of its own thread.
Has anyone used a turn key investment company?
For out-of-state long term investors like myself, they seem to provide a good service. They buy an undervalued house, renovate it, place a tenant, and sell it to you with enough money on the table for you to make money. They could even manage it for you. In most cases, the rules of thumb (50% rule, >1% rule, etc) can still be attained with good returns.
I've researched some companies that can provide 20%+ returns if you use financing.
But I've also heard that some companies can be shady. They might do crappy renovations, place a tenant into an above-market rent lease just to make the numbers look better, etc. Just wanted to see if anyone has used this service.