It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

A better approach is to mitigate the risk by qualifying the pet alongside the human.

Check on the FHA 203K loan to help with the rehab.Run your numbers and mitigate your risks as best you can…then take action.I wish you all the best.

General capital gains tax mitigation and deferral strategies apply here assuming you aren't able to prorate the exclusion under Sec 121, which might be possible as "unforeseen circumstances" is pretty expansive and taxpayer friendly.

A great first deal would be a partnership with somebody who is experienced so that you can learn and mitigate your risk.Hope this helps and happy holidays!

Insurance companies have sophisticated software to determine if you and the property are worth the risk.If the home is more than 20 years old, plan on paying for a wind mitigation and 4 point inspection along with your normal home inspection.

I prefer this niche market and if a contract is canceled, try to mitigate it with an STR. 

There are ways to help mitigate both market and sponsor risk and they involve work and diligence.  

You mitigate that loss by choosing a stronger tenant class, thriving and logistically easy metro, and a community that has a lot of local offerings so tenant remain. 

I can make sure to check all the blocks in advance and lower/mitigate my risk of possibly being stuck in a situation where my capital is unnecessarily tied up.