But risk can be mitigated.  

One thing that might be faster, and may mitigate further damage, is to offer him cash for keys.

Make sure you leave that new LLC as a disregarded entity, or if you bring investors on with you, make sure it’s taxed as a partnership (subject to Subchapter K).The only way to mitigate cap gains would be if the property appraised very close to its net tax basis.The other strategy at your disposal is to dissolve the S-Corp in the same year (though you really need to be in-line with your CPA on this one)… you should have more tax basis post- deemed sale, and that basis would help you achieve a capital loss on dissolution of your corporation.Talk to your CPA my friend!!

It convinced me that I wanted to do what I could to mitigate that risk.To each their own - there's no right answer. 

There are so many things that can wrong with properties over time, that I would think since you are betting the future on your investments you'd want to mitigate risk.  

Given this is your first investment endeavor, I would highly recommend going with an experienced and reputable management company that will mitigate your risk when the not-so-fun parts of property management arise.

I have been replying to posts for eight year and trumpeting the benefits and risk mitigation of adding value and people respond to me like I've lost my mind.

Hope you didn't buy a wetland and need to do wetland mitigation.

It can be a great way to mitigate different risk factors, volatility levels, and earning potential.

Looks like if it’s Illinois, the reason they’re probably asking is appears there’s a new law for landlord to disclose radon, provide a pamphlet, tenant has right to test and terminate lease if landlord chooses not to mitigate if high levels found.