There is inherent risk in all investments and our job as investors is to seek the highest returns while mitigating the risk as much as possible through due diligence. 

But there are ways this risk can be mitigated, through the perspective of estate and trust planning.This is in no way constitute specific legal advice to you, but just my opinion on the topic. 

One way of mitigating those potential loses is to lower the cost of entry.

Single family to multifam investing isn't necessarily drastically different with the exception of time spent (can be mitigated with the use of a PM- something it sounds like you would be amenable to), cash flow potential, and types of financing that you would be eligible for. 

According to JLL:Multifamily, will remain resilient to the effects of the COVID-19 outbreak with its more stable, longer-term income profile and defensive investment characteristics"I tend to agree, though it's hard to generalize across all of multifamily since there are so many different types and classes.

If it were still possible to ask for first/last up front and other mitigations 600 would still be okay  (I never used to look at credit score at all)  today you can't make alternate verifications like that to see if your applicant has some level of financial stability.While I started out self managing,  In this day and age I would highly recommend considering hiring a local, experienced property management firm.   

Beyond the legalities of it (having criteria and applying evenly to all tenants), it will also be the way to create or mitigate a lot of headaches.

Get it under contract, call the bank in their loan loss mitigation department, and explain you're buying it.

At least you will mitigate some of the risks associated with investing in property and all along the way you can keep learning from all the great content here on BP.Lots of newbies make the mistake of thinking that just because they can read a book or watch a video or podcast that they can comprehend what is really involved in property investing.

I'm not afraid of risk, but i'm not sure you have mitigated the risk here.I would calculate a ceiling by figuring out the costs for new plumbing, electrical, lead paint and asbestos remediation along with new walls, kitchen, appliances, bathroom remodel...Have you looked in through the windows at all?