What precautions should I take if buy this property for renovation purpose?  

This was useful for us in the above scenario for the month of August as we delayed a few invoices by 30 days as a precaution since we had no crystal ball to see how long the recovery would take.  

I’m learning the key is to find the best tenant and to take all precautions into consideration.

Like GOLD, those who were and are tragically affected by the tragic CAMP FIRE of 2018, will NOT be destroyed but refined and made stronger and better than ever before; and, new steps and precautions will help prevent this from ever happening anywhere else.

Do you only accept tenants if you “think” they can pay their bills and just as an extra safety precaution you get a co-signer?

Any significant precautions or advice for or against this deal as a new investor purchasing a portfolio of 5-8 homes out of state?

All the essentials are in place like insurance, home owners warranty (already rehabbed but carrying as a precaution) and taxes paid.

I highly recommend requiring all three of them to have cosigners just as a precaution to make sure you will receive rent every month. 

I'm not convinced it would be absolutely water proof like vinyl, but we ran it through entire house and caulked edges of wet rooms as added precaution.

I do agree that it is a huge risk and not for the faint of heart which is why I’m taking a temperature on here of whether experienced investors feel I would simply be taking a risk which requires certain considerations and precautions or about to do something completely stupid.