OK gotcha if you can save money that fast that mitigates your risk..

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.

How do you mitigate liability risks?

You can mitigate that risk by asking questions to whoever is assisting you in your property search.

We may offer a few thousand dollars to assist with them moving out of the property, and not requiring any repairs prior to us taking the property.If you can think of other viable ways to mitigate risk for the seller or ourselves, let me know.

Adapting to market fluctuations and developing strategies to mitigate risks is crucial.

If you feel a dog is too much risk then don't allow dogs, or increase your pet rent to mitigate the risk.

There are 100 things that can go wrong with a tenant - I mitigate as many as possible by getting good tenants.I love Cozy because I don't have to do anything. 

Shouldn't having it be recently completely renovated & having property management in place mitigate that? 

I have a whole post on some mitigation techniques but all depend on your existing rate and elevation certificate.https://www.biggerpockets.com/forums/61/topics/364937-reducing-flood-insurance-costs?