It's called attempt to mitigate your losses, which is required by law in my state. 

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.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

Cats are quiet, but the odor can impact the neighbors and destroy an apartment if the Tenant doesn't take care of them properly.If you allow them, what do you do to mitigate your risk?

Get busy shopping.Although it sounds like a reverse exchange is out of the budget for you there are some other possibilities to mitigate that 45 day period.1.

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.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

You have clearly highlighted that you are aware of the risks that you are taking and this is more than half the battle, the easier part is to define the actions required to mitigate or manage the risks.

Now there are a couple ways to mitigate this threat.

In the end, the renter will still have to pay and probably their rent will go up as the owner's look to mitigate the risk.. 

If you do what are some strategies that would mitigate risk, upkeep, and whi h markets would be best for that strategy.Thank you

Given all the risks with rental properties (vacancy, repairs, etc.) it is always better to have a lower payment amount to mitigate.