I just wanted to make sure there weren't any impressions out there that this market has been picked dry.

I was able to complete 3 flips in the past year but even those opportunities are drying up.

Also finding lots of minor maintenance to be done - small plumbing leaks from dried out seals from not being used much the past year, etc.So, big ticket repairs are: - Flooring - Paint - Possible first floor wall removal / remodel etc. - Wood stove needs to be replaced and chimney flue as well, it's out of date about 2 years ago according to fire code. - Kitchen appliances are almost at end of life, cabinets could badly use at least a facelift or full renovation.Obviously we are going to have to sink a fair amount of money in materials alone to this place.

Hi Richard,The agent knows that buy and holds can be bought at higher sales prices.At 40k honestly those agents have to sell a h&ll of a lot of property to make decent coin.I am not a flipper myself but what I have heard from many experienced flippers is that the entry level flip margins have really started drying up everywhere.

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!