I am seeking opportunities to learn more about real estate investing in different properties type and how to mitigate the risk.

If you choose a good lender (PM me when you're ready) they will help you mitigate risk and work out a deal that you are comfortable with. 

Some people will say that there are long quiet seasons to factor in but you can mitigate that risk with events and retreats. 

Depending on how well written they are and the "then current" financial laws and the state & county the property is in and the type of lawsuit and the mood of the court and the expertise of your attorney, you can mitigate most risk but not all.

Hello,
owner occupied duplex has lead issue in NH. Any companies out there that do abatement? or landlord recommendations? Child tested very low but lead did not come from housing. No issues with property but state i...

Or perhaps we mitigate that risk with properties I would be able to buy outright in cash in the event anything happens, especially for our first property  

Something to the effect that we do not have any, and if any appear after the first 30 days of move in, you brought them in are liable for cost of mitigation. 

It serves as a risk mitigation strategy, providing a financial buffer to offset negative cash flow and acting as a reserve for unexpected expenses.Remember, every investment decision involves trade-offs and considerations.

But with $40,000, you can buy, renovate, and hold or buy, renovate, and flip (turnkey to an investor or to an end user).Obviously, there are some risks, which can all be mitigated with some due diligence.

It makes you more competitive if there are multiple buyers competing for a house, many sellers are reluctant to go under contract unless they can mitigate the risk of not closing due to financing problems - they do this by only signing with folks who are either pre-approved or pre-qualified.Another reason for getting funding lined up first is that you will be way less stressed between going under contract and closing.