Be sure to thoroughly assess the risks involved in each project and have a plan in place to mitigate them as much as possible.Be transparent.

The mortgage is in the name of the deceased, so this mitigates some of the risk associated, though it remains a very complicated process... thoughts?

However, my wife and I were expecting our third child, and we needed a spacious forever home.In addition to my debt, I aim to establish a safety net of six months' worth of rent, equivalent to my initial mortgage, to mitigate any potential risks.After running the numbers, I expect to have all my debt, excluding my house, paid off by 2027.

I will say that the smaller time period of paying the loan off should mitigate the higher interest rates like John Cardinale said in reply.

And if there is anything as a landlord I can do to mitigate the risk of losing a ton of money if someone files bankruptcy since it appears you cannot legally evict someone once they file BK. 

HI Julie-Not from Kansas City, MO - I am from Cleveland, Ohio - I understand KC to be very similar in structure and asset performance, so I would encourage you to checkout this guide: A Simple Guide for Buying Out of State Turnkey Investment PropertyIts all about hitting all the checkboxes, do not invest on faith, do a lot of diligence prior to making any moves, a calculated move is a calculated risk, no matter the move real estate is risky, but you can implement a series of controls to initiate some additional risk mitigation as you venture into your first investment property.

Cost will depend on what kind of finishes we decide on.4 - Cash flow isn't really the game right this minute - it's more about mitigation of our costs. 

WE all see here on BP those complain about their PM.. well if they own the PM they can greatly mitigate the outcome for their clients behind the scenes and therefore get referrals and repeat business. .I have no doubt if they did not do this they would not have scaled up as some have.The reality as well is that 2% rule or high cash flow areas of the mid west are generally in areas that do not support home ownership.. these neighborhoods were 30 years ago but many are now 50% or more rental stock..

If it were me, I would talk to the tenant about mitigating losses.

Your priorities are in this order: 1.) risk mitigation, 2.) cash flow, 3.) growth and 4.) net worth.Here is why I personally like 2 fam better than 4 fam. 4 fam are often smaller units, one or two bedroom.