Transition metals have electrons in their incomplete d-subshells that allow them to form stable ions. They exhibit several key properties including variable oxidation states due to similar energy levels of the 4s and 3d orbitals, paramagnetism from unpaired electrons, colored compounds from d-d transitions of electrons between orbitals split by ligands, and the ability to act as catalysts by changing oxidation states. Transition metals can form various types of complexes with ligands that bond through dative covalent bonds, including monodentate, bidentate, and polydentate ligands, which determine the coordination number and shape of the complex ion.