I would much rather learn from the mistakes of others than my own mistakes (it's certainly less expensive), but sometimes failing and adjusting is needed to grow.

Make sure your contract allows you to foreclose if the borrower fails to pay.

Improvements made, such as a roof, would be great, but as long as the roof is not leaking or failing in some manner, it should not be looked at as a negative to the value of a commercial asset.

Also, how do you mitigate the risk of the tenants failing to keep the place warm enough in the winter and having frozen pipes or something a long those lines?

Elhalawany As soon as the property fails to be sold at auction it becomes an REO.

If this fails, and the agency is able to substitute the debt, then negotiate with the agency IN WRITING, that you will pay the debt IF they remove any delinquency from your credit report that refers to this debt.

One mistake  and a good attorney and they will pierce your LLC, your LL insurance will usually not cover you for failing to use proper insured contractors and there goes your investments.

The unfortunate part is if it fails then you'll be at least 4-5 days behind on collecting rent.If successful, 'payment out' takes about 1-2 business days. 

Too much humidity and moisture for the pressure sensitive glue on the back of the tile; too easy for glue to fail and don't even think about adding a glue to help it stick.

This fifth way is one that even some advanced investors fail to consider.