It's our job as investors to try to mitigate the risk as much as possible.

That will remove cause for breaking the lease and/or withholding rent.If they break the lease early, your remedies are defined by that state's laws:https://www.nolo.com/legal-encyclopedia/tenants-right-break-rental-lease-illinois.html#:~:text=So%20you%20may%20not%20have,mitigate%20damages%E2%80%9D%20in%20legal%20terms.Bottom line: Know what you need to know about the Tenant/Landlord Laws in that state. 

You just need find new ways to mitigate that risk.   

That is certainly a valid concern and you would be correct, not a lot of room for error, however, mitigating those risks by not missing the rehab numbers by more than 15%, not wasting any time, and knowing your market.

Report to them regularly, especially when the plan diverges from what is happening and demonstrate that your contingency planning is kicking in to help mitigate the risks to the degree you can. 

. #2 – collateralHow does the note buyer mitigate the risk mentioned above?

Plus one on the ozone machine for mitigating odors.

Insurance is a critical component of your risk mitigation plan as a business owner. 

Tax Mitigation? 

One way to mitigate the risk is to invest in a place where you can physically go... just to get started.