With the relationship you might mitigate that occasional loss with an occasional win.I'm not sure how you run your numbers, but whenever I purchase a property, I do so at a price that I could wholesale it to another investor if I didn't want to keep it for myself.

I just want to make sure I mitigate as much risk as possible getting into Real Estate.Thanks for your time and posts,-Eric

Then you just overlay all the qualifying real estate underwriting criteria to make sure you a have a deal and mitigate risks accordingly.

Participating as an investor in a crowdfunding project might interest you and mitigate some concerns with respect to distance from the property.

My wife called a few companies that were referred to us and they all requested walk-thru's or wind mitigation reports.

What measures do you employ to mitigate unforeseen costly repairs, who do you include in your must come and inspect list (fire Marshall, roofer, architect, plumber, etc)? 

At least your not Miami Dade, but a 4 point inspection with wind mitigation when you purchase a home will help you a lot more.

I found a childs urn once.About a week after a tenant moved out (breaking her lease) she told me she was out and it was clean.

If you are stepping in place of the lender, make sure you follow the laws that lenders have to follow as it relates to default, alternatives to foreclosure, loss mitigation, continuity of contact, early intervention, etc.

@KEVIN SAPP, as an alternative it is possible to move that property into a passive real estate Tenant in Common project or NNN ground lease and still enjoy the tax mitigation along with the security of a passive investment secured by a national credit tenant.