I also ran this by my internal legal head who's sole job is to monitor, track, communicate with local government on issues of this exact type and he agreed that it is only a term of Small Business vs Big Corporate. 

The IRS requires this (I believe), since they can't be expected to monitor all foreclosure notices and comb them.

@Chris S.I agree with @Mike Makkar in that you need to constantly monitor your property value.  

What I have done on the last renovation was, my Property Manager (acting as Project Manager to manage the Contractor) had placed materials in a cart on Home Depot or Menards for me to pay the bill direct so I could monitor what was being purchased and they would pick up materials at the store. 

Not to minimize the cost of fixing cosmetic issues but it's a little different that code violations.I think the bottom line would be that if you (like me) feel the need to 1.) see the finished product to take the plunge, 2.) prefer conventional financing, 3.) want an *actual* appraisal post-renovation (not just a price opinion) to justify value, 4.) monitor the rehab work to ensure it's done properly, etc. then turnkey might not be the right avenue for you. 

And with that many adults, it may even be tricky and you could have trouble monitoring it 24/7 (and, of course, they will likely deny the unauthorized people live there).

While my local program provides the vouchers for the homeless veterans and does the inspections, it is the social workers in the local VAMC's that monitor these applicants. 

Yes it does because the report is designed to be delivered to the consumer (for a $30 a monthly fee that covers also credit monitoring, etc - 7 days trial period is the key) not a 3rd party entity like a landlord or employer.

It needs systems and thorough expense monitoring though in my experience.  

I pay him a little bit of money and in exchange it gives me a local presences since I invest out of state and GC's will take advantage of you if they know you can't monitor them regularly.