Turnkey rental properties are fully renovated, often already tenanted, and managed by an existing property management company. They are marketed to investors who want passive income without the work of finding deals, managing renovations, or placing tenants. Turnkey providers handle everything from acquisition and rehab to tenant placement and ongoing management. While convenient, turnkey properties typically come at a premium price compared to what a hands-on investor could achieve buying and renovating directly. Investors should carefully vet turnkey providers, inspect properties independently, and verify rent projections against local market data before purchasing.