Now for the future I know exactly what I need to do and how to mitigate the chances of losing.

Section 8 mitigates a lot of that stuff.

This is because California requires landlords to take reasonable steps to keep their losses to a minimum—or to "mitigate damages" in legal terms."

For $15,000 renovation it is not good to exercise the BRRRR method because you have 2 sets of closing costs that can be mitigated if you have the funds to rehab the property.

While the liability is a real risk, and one that might be able to be mitigated through insurance, as noted.From my experience, particularly with finances, the Seal saying holds true: "How you do anything is how you do everything".

Usually the department that you need to speak with will be called something like loss mitigation. 

It seems that helps mitigate any liabilities for me in case anything happens?

And even then I think you could mitigate some things with a longer lease period. 

Your income is an interest income and has to be mitigated via other tax-saving strategies.  

Because all of the profit that was deferred each time.Sounds like bad news, but....There's a number of ways to mitigate that so you get the use of the tax forever without having to pay it.1.