To ensure clarity and security, I will include the following language: “The sale of this property is contingent upon the current occupant vacating within 14 days of the ratified agreement.

I reside in Minnesota, and do not see anything that prohibits from having tenants sign an addendum but maybe some people can weigh in on this and if its a good idea to include or not?

Most businesses, including the real estate business, is about taking calculated risks.

Steps to take, length of the process, and how to manage the risk is what I am looking to learn.

One tenet of nearly all asset protection strategies is to not to mix risk types within one LLC. 

To manage risks, some investors employ an LLC in addition to insurance.There are expenses associated with running an LLC, such as yearly fees, registration fees, and even legal fees.

If your down payment is a HELOC - meaning that this is a 100% financed transaction - and it is your first short term rental, you are stacking risk factors in a tough market.

Net Operating Income is simply your income left over after all business expenses, not including principal, interest, or any reserves (since those aren't expenses yet). 

Title insurance insures against many issues that could come up later, but they will only issue this insurance after a title search that shows there are no known title issues or if there are issues you could potentially get insurance that excludes those issues and assume that risk yourself. 

However, in many cases you likely won't be able to obtain by-laws until you are under contract.I would have your attorney include a specific "HOA" rider in the contract for this exact reason- It basically would require that you have ample time to review the governing docs of the HOA, such as master deed, current by-laws, current year’s budget, and last two years of audited financial statements, association meeting minutes, etc.