Out of State Turnkey Rental

This financial literacy article is based on my experience as an out-of-state landlord with three rental properties in and around the Memphis, TN area. I bought my first rental property in 2011, my second in 2013, and my third in 2014. Investing in turnkey rental properties outside of your local area is cash intensive. You'll need 20% down for a 30-year mortgage. However, if you invest in a real estate market that has property values more affordable than your own, the reward is a nice monthly coupon you can bank on.