I'm scared as all get out that I'll fail and I'm not 100% certain exactly what first steps to take but I'm starting somewhere.

I've been able to use them as something fails withing the first year, I just replaced a very old stove and put in a new $1k range which by itself basically paid for the warranty, that I didn't pay for.

Many fail and lose a lot of money.

@Bjorik Mutize I'm hoping that my fairly minor fails in my first rental are enough of a learning lesson (my tuition) that I chalk it under my belt without jumping into another "well at least I learned a lesson" situation.

If they fail to comply with the lease agreement, they can be evicted, ie. pets, lawn care, care of the property, etc.

So yes, you are correct about notice... once you have it you cannot behave as if you don’t.And one more thing... let’s say the seller (who often has the legal duty to record an installment contract) and buyer failed to disclose this issue to the title company and they just go ahead and close. 

The history of 1031 is littered with failed TIC investments resulting from trying to meet 1031 requirements and passive investor requirements simultaneously.  

If they fail, I will hire someone to clean up the landscaping and then charge the tenant.

If they fail to show up for closing, isn't the contract void? 

If you fail to file a claim, you will not be entitled to any remaining funds."