Should you decide to proceed with such a transaction, it would be prudent to ensure that sufficient capital reserves are available to mitigate this risk.

I was wondering if there were risk mitigation strategies I could employ.

And we already have MD Loss Mitigation laws in place which protect most vulnerable, those who are 60+ days past due on the mortgage. 

Usually, these examples didn't understand or know what to look for when seeing these spaces to help mitigate the risks. 

What will you do for tax mitigation?   

As mentioned above one way to mitigate the tax bill when due would be to convert the acquired property to a personal residence and use as such for the next 2 of 5 years, and cancel out $500,000 of gains, if married.  

How do the golf cart rental shops mitigate the liability risk?

While simultaneously, the ability to qualify for a demand would be increasingly harder mitigating what real demand would be. 

In MD we have loss-mitigation laws passed after housing crisis that exposes you to great deal of liability if you contact people 60+ days in default  and offer to buy their homes.

It's best to keep your head down and look up in 10 years to see how it turned out.Yes, I agree, but any investing is risky so you have to be smart and mitigate the risk.