If you can produce an accurate tenant ledger from Day 1, showing the dates of all charges, late charges, and payments; if you promptly made the repair in an appropriate manner and properly mitigated any mold/mildew issues that arose as result; if you have initiated the ceiling/wall repair within any time requirements of local LL/Tenant laws; and if the rest of the property meets code minus a few VERY minor, easily addressed issues; I would not have any issue with giving minimum lawful notice of non-renewal. 

Set the expectation of how you want your business to run to your tenant up front and it’ll help mitigate these issues.This is a great learning experience for you!

Good advice to consult with Architect for mitigation features.

It can be riskier than most other investments but if you learn to buy right and the tricks of the trade, you can mitigate much of the risk.

So far n0body complaint about it but is a great deal under 200Several state have programs that pay for underground oil tank removal, mitigation and monitoring. 

And like a few folks have mentioned, perhaps have some language included in the agreement that will protect against or mitigate whatever risk you're worried about. 

.), but as long as your property is clean and safe (no slumlord type properties), the liability is mitigated to lack of performance of management.

Believe me, I'm not a fan of attorney's but we live in a litigious world and there might be other curve balls you're not thinking of that a good attorney will mitigate. 

When you call in you typically a "loss mitigation specialist" **cough** I mean claims specialist.

It also mitigates your amount of risk from a lawsuit if you don’t fully own the property so think of it as insurance.