Expensive damages.There are several ways to mitigate that risk:Don't allow pets at allRequire a non-refundable feeRequire a refundable deposit increaseYou can charge a $300 non-refundable fee, but how much damage will that cover?

Depends on what your strategy is... if you are house hacking then you will not be using an LLC since you will take advantage of a FHA loan with a small down payment... if you are doing a buy and hold then having it all in an LLC is beneficial to mitigate some liability. 

Make attempts to mitigate your losses, by trying to re-rent asap. if you get a new tenant in within the 60 days, they don't pay the whole thing.

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.

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.

I learned everything from coordinating volunteers for a demolition party, placating investor fears, project management, mitigating contractor disputes, market analysis for apartments, advertising, property management, etc...

I figured some of those traps were mitigated by the fact that I already have a tenant (who is great, BTW), but I definitely need to do some more research before pulling this particular trigger.

My primary goal is to catch anything in advance of someone's lease end date, mitigate ongoing issues, and anticipate future capital expenditures. 

It says one of the best way to mitigate risk is to require video/picture proof of rehab work and get referrals/references for everyone you work with.

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.