@Kenneth Rose the local “boots on the ground” will make or break your investment if it’s out of state.My first rental is OOS, and if the realtor that sold it to me (that also does some property management too) wasn’t an honest, Hard working person, I would have had a disaster on my hands and been lucky to sell for what I paid for.Not trying to dissuade you, as I did it, got lucky, and it’s worked out, but it adds risk, when as a new investor, it’s hardest to identify and mitigate risks.

That is how you mitigate risk in this business.

I understand there are premiums associated with any insurance, but does loss assessment insurance mitigate the risk that keeps a lot of people from wanting to invest in condos? 

Mitigate risk of investing by education, knowledge of your market, and how to source good deals.

Kudos to you for taking steps early to mitigate that. 

Take some time and brainstorm a few ways you could mitigate some of those risks.

We are in the middle of permit processing from the City and a tree removal issue is holding us back (San Antonio, TX is a tree preservation city.. or something along those lines)Facts on the current situation are as follows:- We (the new owner) are held liable for the penalty on tree removal prior to permitting approval and the mitigation fee as we are the ones processing the building permit currently.

Starting with housing hacking is a perfect way to start and helps mitigate some of the risks that comes along with being an investor.Happy to connect and see how we can help. 

I’d just add that NYC landlords are now legally obligated to do what they can to re-rent the apartment promptly for market rent when there’s a lease break (to “mitigate their losses”).

I immediately called my insurance to start the claim process and had a water mitigation service (ServPro) there same-day to begin the work of dehumidifying the unit.