@Chad Simmons, you can make whatever strategy you select work by focusing on education, networking, risk identification and mitigation and of course action.

Therefor, mitigating any risk.

Personally, I stick with multifamily so that when things like a roof hits the cost/unit mitigates the per unit cash-flow hit.

Building a solid business plan and financial buffer can help mitigate these risks.Education and Licensing: Depending on your location, there might be specific licenses or certifications required for contracting in the real estate sector.

I'm the kind of person that when I set my mind to something I dive in full swing to do everything in my power to make it happen - knowing I don't have to have ALL the answers or know EXACTLY what's going to happen but feel confident in myself to educate myself, figure things out enough to mitigate risk but not get in my own way/talk myself out of it.

If you're looking to mitigate costs, then definitely do it yourself.

A mitigation strategy will be to take over the current mortgage payment from the seller at a lower rate.

You always want to be looking at what can go wrong and how best to mitigate it - just don't let the fear petrify you. 

If individuals were more educated on managing money, the majority of issues in our society would be easily mitigated."

By virtue of them informing you of an issue, they had "notice" of the issue and needed to mitigate for damages.Just for kicks and giggles, please define what "piece of the ceiling" actually consisted of, type and size, Inquiring minds want to know.