The below is pure speculation; I don't work in "loss mitigation" or have any insider scoop on it.With interest rates as low as they have been since 2012 or so, and given where appreciation has been, and the fact that when/if a home sells the title company will require that the lender (plus back interest) be paid off, it's possible that the 'rational' thing to do is let the interest accrue on the assumption/hope that there will still be equity in it at that point when someone dies/divorces/etc and sells. 

With that said, we can only put as much systems in place to mitigate against risks but nothing is 100% full proof. 

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.

I am open to renting to an international student and want to make sure I am not putting myself in a risky situation that could have been mitigated with the right questions/requirements up front. 

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.

Do you have any tips to mitigate the risk?

However, if a correction happens, is your job/position guaranteed when companies are trying to mitigate losses? 

Also, how do I mitigate the risk of getting refurbished equipment vs. new?

Depending on what investment goals you may have there are alternative US entities that you can purchase through that will help mitigate any US/Canadian tax that you would be subject to. 

I think the portable AC and fan suggestion is the best mitigation I have got to buy myself a day or two.