Decided to just have the tenant move out when the lease was up and not file yet, probably a mistake in hindsight. 

What are the mistakes/pitfalls I should be cautious about and keep a close eye on ?

One of the biggest mistakes I see for new investors is moving too quickly to property number two when property number one is still a hot mess so then they buy into two hot messes and can't get either fixed before the bottom drops out.

The very worst that can happen is someone forges your signature on a deed and records it in the public records. 

This was a mistake in my opinion.

At worst we would have a tangible asset that produces 1k a month in rent and our money would be safe as inevitable inflation lifts housing prices to the moon.

As long as you buy a property in a "good" location, all but the worst mistakes will be corrected over time through appreciation and rent increases.

Worst case, the seller says no, and you are in the same boat you are in now.  

The only real downside other than it being a mistake is the pull on your credit which I think the last hard pull on mine lowered my score by 7 points and it recovered within 2 months.

Read below our standard advice when evaluating PMC's:In our experience, the #1 mistake landlords make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.