Both of the above risks can be mitigated by thoroughly reviewing the CCRS and HOA financials during your inspection period.

@David Casas and @Christopher Veljkovic and whoever else is looking for an answer to this question there are a few strategies that you can employ to help you achieve success in NNJ investing including:-Wait: If your budget doesn't match whats currently on the market and you're being priced out of deals or you just can't seem to find the right deal, maybe you wait a bit, save up more cash and or continue to search diligently for the deals you seek -Go BIGGER: In some areas you'll find a better rate of return with a bigger deal, more units equal more cashflow, if you can find a way to fund a bigger deal (see point 1) sometimes you'll see a bigger return -Partner: If you cant fund a larger deal or you're scared to do so maybe you find a partner or a few partners to help you mitigate risk and to help you get in the game.As an REI you'll probably end up having to utilize quite a few strategies and you may even invest in a few different asset classes before you're done investing, the three steps I listed above may help you get to where your trying to go.

When one party fails to fulfill their obligations, the contract and the law provide instruments - eviction in this instance - which allow the other to mitigate loss.  

The tenant would have to give 30 Days Notice so I would have 30 days to find a new tenant before they left and another two weeks on top of that before I ran out of the extra money.I hope that makes sense and can be of some use to you.Now, if it were January and they wanted to rent for six months, I would not typically charge extra for that because I have no problem finding a new 12-month renter during the summer months.It's all about considering your risk and then finding a creative way to mitigate that risk.

That should increase the potential market for that property and mitigate quite a bit of uncertainty when looking at starting that 1031.

All you can do is research the specific deal enough to mitigate the level.

This can be mitigated a few ways.

You might have to mitigate stormwater runoff. 

You need to confirm that this is the code of law that your tenant quoted in the notice.Unless there is a very recent change in the Washington Landlord/Tenant laws, your tenant is bound by the terms of your lease and is liable for rent until end of the lease, except if the tenant is called to active military duty, victim of domestic violence/ stalking, victim of landlord's harassment or if the dwelling is unsafe to live in.Even though the tenant may still be liable for rent, since he has given notice of early termination, you must mitigate lost rent by putting in good faith effort to re-rent the property at fair market value.

If you aren't living in the property then you won't take the hit and since you would typically REFI in a year or so, you can also slightly increase the rent to mitigate the higher mortgage.