Would my title agents recommendation to hold the property for a year and gain title insurance before beginning work help mitigate the losses I could be exposed to?

I plan on getting my realtor license to mitigate cost on that front while also educating me on the nuances of the market.  

You, on the other hand, are obligated to do your utmost to find a new tenant to mitigate their losses.We would apply the deposit and collected rent against all expenses resulting from their default, including unpaid rents, fees, utilities, lawn care, etc. 

I will be interviewing (I have been already started doing that) potential realtors and other team members trying to mitigate the damage as much as I can, but making mistakes is how we (or at least I do) learn best. :-)

Granted anyone can sue anyone. simple steps can be taken to mitigate risk as a landlord the biggest one is to not be a slum lord. 

Know how to evaluate a property to see if it is a good dealKnow the market well enough to know the level of finishes the tenant will wantBesides complying with the lead paint laws do you know the risks and how to mitigate them?

Again, this can (A) help you devise a game plan, (B) give you ideas on how to manage your asset better and (C) helps you understand where you have the greatest exposure to help mitigate its effects. 

Just put away what you would pay in rent each month and use that as a future down payment for another place.Secondly, if you did that, and you bought another rental property for a much better deal in a year or two, perhaps that would help mitigate the mediocre deal you had the first time around.

Only risks - some that can be mitigated, most can't. 

But that's going to be next to nothing given your purchase price.Owner carry notes can be a good way to mitigate a tax hit if you don't want to move forward with additional real estate purchase.