They don't have a daily fine, but will do mitigation if the problem isn't fixed. 

One way to mitigate risk is to have an agent with leads for off market properties so you're not competing with multiple buyers.

Having someone guide you initially will alleviate you from making certain mistakes especially since your dealing with other people's money, you want to mitigate the risk as much as possible. 

This is great news for those properties that are in the high-risk flood zone, I would suggest that you do two thing flood mitigation (comes in many forms and sometimes you can get access to grants and loans to do the work) and transfer your risk through insurance, just make sure you are working with someone who is savvy in the emerging private flood market and NFIP you don't want to overpay if your agent writes the policy incorrectly and you don't want to buy a policy that an agent that doesn't specialize in flood insurance might sell which sounds good on price but really isn't coverage that will get you back to whole.Last note every community has a FLOODPLAIN MANAGER a government job, I would suggest if you are going to do any mitigation work get their thoughts and council, they can also offer resources and contractors or surveyors that can make sure your mitigation is doing what you want that is routing the water away from your structures.   

@Jeff Hallenbeck  Keep in mind that Roofstock is pretty cutting edge in the brokerage of investment properties.. its still up to you to pick the right ones.. and what Roofstock does is allows compared to say Morris..is you get to search multiple markets and multiple price points and qualifty of assets.. as to opposed to what Morris is selling which is only their own inventory.. however at the end of the day does not matter who you buy from through or use as a broker. you need to vette the deals and make sure as an OOS investor your buying something that is appropriate and mitigate management risks which are quite real in the low end low price assets..

Just be ready that one of them approaches you wanting to move out/break their lease early.

Usually the folks who get burned are the ones who fail to ask themselves "what can go wrong in bad times, and what have I done to mitigate that risk" (e.g., you flip a house with HML because you think the market is hot and ARVs in 3 months will be at current or higher levels, but don't plan for a market slowdown). 

Newer developers lenders tend to stick to the pre-leasing requirements to mitigate risk. 

To mitigate both issues, you may want to invest in a private equity fund that handles all of the management and let's you be completely passive. 

Upon moving out I spent a considerable amount of time cleaning the house and making sure it was in excellent condition (The landlord is a persnickety old woman who is VERY particular so I was trying to mitigate any losses in advance).