A turnkey property is a type of real estate that is ready to use immediately after purchase. The term "turnkey" means that the buyer only needs to "turn the key" to start living in it or renting it out.

These properties are usually fully renovated, furnished, and sometimes come with property management services. This makes them attractive for investors who want instant rental income without dealing with repairs, renovations, or tenant management.

Advantages include saving time, generating quick income, and requiring little effort from the owner.

Disadvantages include higher costs, less control over renovation choices, and possible quality issues if the provider cuts corners.

Turnkey properties are best suited for investors who prefer hands-off management and quick cash flow, but careful inspection and market research are important before buying.