I hear it all the time, but what if all the tenants dry up, and rents rates drop to $1 dollar, and they take your house and 1 st born child?

It is unconscionable to leave a seller "high and dry".So the answer to the original poster is - Yes.

Consequently, you can't be "drying the towels" while you're scrubbing the toilet.  

Maybe, it has some sort of expensive problem i.e. foundation, furnace, dry rot, roof, electrical, or will just cost too much to make in pristine condition.

I personally, I think, the biggest factors to focus on when it comes to reducing turnovers besides location is providing amenities like in house wash/dry and private parking.

Need to replace roof and ~300sf of ceiling in West Chicago Suburbs (Oswego to be exact). Any references for contractors would be greatly appreciated!

I'm a former "investor/flipper" from a market where REAL deals have dried up, and need to make a "LIVING".I know the difference between a tax lien and deed, and all the blah blah blah that the gurus will spend 3 hours telling you trying to rope you in to spending money with them.

:From the wonderful manual and equally painful bootcamp on this subject that I attended: I'm sure that bootcamp was as exciting as watching paint dry.

The inventory is drying up in more desirable areas and/or prices have risen beyond what many prudent investors are willing to pay. 

There is also an option to do a "double closing" in states that allow "dry closings".