Did anyone aware of this risk, if so how do you mitigate the risk?

Once your loan goes through loss mitigation and if there is no resolution then the bank will either foreclose or sell your loan in a very large pool to a hedge fund. 

I say that he had a duty to point out any issues (like when the water bill arrived) and the time so they could be investigated and/or mitigated.

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.

And sometimes it’s worth the risk and there are ways to mitigate that 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.Understand you can not eliminate all risk, only mitigate it.

The risk/reward would seem to mitigate in favor of at least an attorney consult. 

The best way to own is to house hack, get a 2 fam with permit and town or village oversight, yes they cost more but the rental can mitigate your expenses with the rental income.

Peeps still have to live somewhere and there is still some benefit to owning a home than renting .. it could just be over building in your area as well.. you see that a lot with condo developments the lag time to get them up is so long that by the time they come to market the market cant absorb more.Not sure in Austin other than there was from what I understand a large run up.. but I can see luxury pricing in Texas being an issue with the prop tax's that are quite a bit higher than other parts of the country but that is usually mitigated for texas residence who don't pay state income tax as there is none in Texas.. so I think texas for TExans is a great investment long term. 

I should have added Every state is different on protocol for abandon property .. that being said in *some cases* if it’s a for sure thing you gotta move forward and mitigate loss because your losing money everyday by not having a tenant in the unit and there’s a great chance that person is long gone never to return