A turnkey property is a fully renovated home or apartment building that an investor can purchase and immediately rent out. A turnkey home is often a property purchased from a company that specializes in the restoration of older properties.

What is a turnkey property? Turn-key is a term used by listing agents in marketing remarks to indicate that the home is move-in ready. This means that all appliances are in working condition and there are no obvious structural or electrical issues with the home.