There was a recent massive foreclosure on an apartment operator who hadn't properly mitigated interest rate risk on their debt.

While there is risk of a special assessment by a condo association, there are ways to mitigate that risk with your due diligence. 

If  you buy in INdy say north of 100k you mitigate that anything under your rolling the dice in my experience there in INdy again does not matter who the PM is its the market itself. 

If anyone out there that reads this has, what additional steps did you take mitigate risk?

You could mitigate your Cash out of pocket this way, and create two rentals instead of one.

This is my way of mitigating the risk of time.

But you can mitigate that with having good quality tenants, a great property manager, and adding an umbrella policy to your insurance. 

I would get a good real estate lawyer as well who can provide guidance on how to mitigate liabilities when operating a business like a wellness BnB, such as drafting liability waivers, ensuring compliance with zoning laws and regulations, and providing advice on insurance coverage. 

They don't care one little bit about mitigating my expenses.

But, if you've been heavily involved operating your rentals, especially the inherited one, that might mitigate repair risk.Going with the HELOC, the lender may not do an appraisal.