From a AHJ/development standpoint it's very standard, the DOT/PW dept only allow driveways every XXX feet depending on the type of road, it mitigates public safety issues, and prepares for the future development of the area.

This helps mitigate the impact of cash flow fluctuations and provides a safety net for the business.7) Financing Options: Explore financing options that can help improve cash flow.

I would always try to have the seller to cover closing costs to preserve as much of your own cash as possible though, because cash reserves in the most important way to mitigate risk.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

Curious what the main downsides are vs. investing in Washington and whether or not there are mitigation strategies?

On the other hand, it's never taken more than a couple weeks to find a qualified tenant and sign a lease to move in within 4 weeks.We've been considering selling a couple properties to mitigate risk by buying outside Florida.  

Just mitigate the risk before going in. 

Some states put the responsibility of mitigation damages on the landlord, some on the tenant.  

I would suggest investing in a market that you know.it can be a city that you currently live in, went to school or travel to often.You have a 'competitive advantage' compared to others doing it never having stepped into the city.There is risk with every decision that you make regarding investing - from neighborhood you choose, property you choose, tenant you pick, contractor/PM you pick, etc.Your job is to mitigate the risk in a managable way.Best of luck to your investing

My understanding is that it's greater cash-flow potential, in exchange for higher management costs (which a house-hack situation would somewhat mitigate) and more volatility.Thanks again.