same can be said for a bummer tenant that destroys your home wont pay rent takes months to remove.. its all some form of risk that can be mitigated to a certain extent.

Granted I may learn the area to mitigate that risk upon initial investment, but block by block strategies require updated intimate market knowledge (to protect the investment) and areas can begin to go downhill in 6-18 months which is easy to miss when you're not a hands on in market owner. 

That may be something basic or it could be tens of thousands of dollars in mold mitigation, foundation problems, water proofing and dozens of other things.

And let's not even touch on "Financial "NON" Advisors" which is like calling an insurance sales person a "disaster mitigation advisor". 

Austin is a virtually impossible market to cash flow in, your best bet to mitigate your living costs is to buy a multiunit and MTR one side. 

Risk Mitigation: Attorneys can identify potential risks and liabilities and provide guidance on how to mitigate them, protecting your investment.5.

Diversifying your real estate portfolio across different markets and property types can help mitigate risks.Financing Options: If you decide to invest in another property, evaluate your financing options.

This mitigates some competition down the the line. 

I'd need a strategy for:+ Liability mitigation+ Best Tax approachThanks

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Understand you can not eliminate all risk, only mitigate it.