In Houston or just about anywhere in Texas if the a/c goes out, you better replace it pretty darn quick.There are ways to mitigate the unexpected, but you will never be 100% covered.

I think a well laid out plan, different potential exit strategies (refinance, flip), as well as buying a deal under market can help mitigate some of the risk.https://www.reuters.com/busine...

You could require an additional deposit that would be returned if they stay more than 2-3yrs depending on your preference.Also in my state, if you sign a 3+ year lease its considered a "perpetual lease" and needs notarized to be valid.Overall, it's usually easier to stick to 1 year leases to mitigate risk. 

There are ways that I have learned to mitigate these risks but it's a matter of probability that you will eventually get someone who is awful at some point.Then there are the people who run their Airbnb's like a business.

Basically it makes us feel 'comfortable'... if that word is allowed to be used to describe real estate investing.However, for out of state, we find ourselves feeling helpless with what we view as unpredictable markets (fluctuating values, and therefore fluctuating equity positions), long vacancy times (in the Springs, our houses get rented in a week or two, max), and of course, not being able to stop in and physically check out the property and talk with the tenants to mitigate any of their concerns (without having to play telephone through the PM).Basically what I am getting at, is that I am not sure if I just have rose-colored glasses with Colorado Springs due to it being a hot market at this point in time (and when we entered the market), or if others feel the same way in that Colorado Springs has a lot to offer in terms of it having a stable (and foreseeably strong) economy, decent price/rent ratios, and all around good investment potential for a long-term view.  

Talk to your Realtor to find out what the seller's anxiety is about and see what can be done to mitigate it.

If I bump into a good deal in the fall I will take it even if I get hit with rental in the short term .You can mitigate it by short term lease w/nice price cut just to get the home occupied until spring.

You can mitigate risk but never remove it completely.

This latter report would confirm or disavow the presence of any mitigation efforts that should be undertaken.

Our job is to minimize the possibility of an adverse outcome, mitigate risk to the extent possible and when the inevitable happens, make sound decisions to produce the best result you can.