Congrats on achieving a comfortable financial situation.Condos are actually riskier than single family rentals. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Even if I were to rent it out on Airbnb, the cash-on-cash return isn't very attractive.Specifically, I’m concerned about:High mortgage payments and the financial strain it could cause if the property doesn't generate sufficient cash flow.Cash-on-cash return is low, even with high-revenue short-term rentals.My Questions:Risk Mitigation:Any strategies I can use to mitigate the risks associated with owning a high-value property with a large mortgage?

The type of property can influence the risks you face, so coverage limits matter.

They will do magic for your financial situation.  

Quote from @Tom Hall: My mortgage rate is very high  and I would like to pay some of it off, so that my monthly payments would go down a bit, I dont know if it is financial smart to do it or not?

Quote from @Josh Lansberry: You will hear a lot of people bad-mouth him, but Dave Ramsey can teach you how to get financially savvy real quick.

I would agree if we were talking about financial statements, but as I understand it, we are talking about tax basis reports.For tax purposes, one can use a modified cash basis when filing.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Just make sure the numbers work for repayment and your overall financial goals.