Turnkey refers to a property or business that is ready to be used or occupied as soon as the purchase is complete. It means that everything is in place and all systems are functional, so the new owner can move in or start operating the business immediately. In real estate, a turnkey property is often a fully furnished and equipped rental property that is ready to be rented out, with all necessary licenses and permits in place, and with a management company in place to take care of the day-to-day operations.