The Federal Reserve Chairman advised today that inflation will continue to exist/increase for the next 15 months. 

This allows me to build reserves to paint between tenants.

Based on your current principal balance of $109,001.01 the property must appraise at approximately $167,694 to reach the required 65% LTVRegardless of when the account originated (even if it was less than two years ago), it may be eligible for PMI cancellation if (1) substantial improvements have been made to the property that have increased its value, (2) the LTV has reached 65% of the property’s current value, and the LTV is confirmed by an appraisal that is ordered, and directly received, by Home Point and that is completed after the relevant improvements have been made.

Also, you'll want some cash reserves for landlording. 

You can usually call the towing company and they can confirm what the law allows.In my City, if I have a sign clearly stating NO PARKING, any vehicle can be towed.

Have you confirmed what, if any, HOA/condo association rules there are about rentals?  

Do you have reserves to purchase your first property?

My credit is over 800, and I’ve built up some cash reserves at this point.

In regards to how to safeguard against vacancy, screen tenants really well and have decent reserves.

Even if there are legal situations where a tenant can withhold rent, it should be reserved only for situations where landlords are not meeting their obligations.