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.Understand you can not eliminate all risk, only mitigate it.

Because there is no flex in this period after day 45 we always highly recommend that you actually get your new properties under contract during the 45 day period to mitigate risk. 

If I can get some opinions on inherent risks associated with this as well as any ways to mitigate them that would be much appreciated!

I don't like investing into a hot market but idle cash is costly and I am mitigating risk with the right opportunities (good locations, value add, cash flowing, prudent debt). 

Whether your tolerance for risk allows you to scale to larger purchases, or you'd rather mitigate some of that risk and buy smaller properties is totally up to you, your goals and your comfort level.

New roof and a company is coming in to install a radon mitigation system so the basement is getting a vapor barrier installed all before I even close on the house. other than that we are looking at about a 50k rehab, ARV is at 90k. 

Others might be fine with taking risk, but least by doing this a person can get an idea of what might go wrong.e) Legal document analysis: it will usually take a few days to go through the legal document properly, as almost inevitably there are tons of gotchas that either have to be explained, or mitigated with a side letter.That is the very short summary of what I do.

I think this would mitigate vacancy cost but I was wondering if anyone has experience with this?

The emergency cleanup/mitigation/pipe repair was completed by March 3d and they quickly asked for authorization to represent me in insurance payments which I declined.

These are usually reserved for large loans where the risk mitigation is built into the purchase asset or business itself.