You can mitigate that by reduce your finance amount, leave some equity in the property and lower your monthly payment, or see if you can get better interest rate. 

These tools could be helpful for you if you are concerned with anonymity, tax mitigation, and/or asset protection as you grow your portfolio.Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice.

What are some ways i can mitigate risk before diving deep into this project?

That gave me enough information/experience to be dangerous. :)  I started working with a realtor and keep my eye on Zillow.  

If you have to be in a condo/apartment, if they haven't built to mitigate noise (most haven't) you always want to be above rather than below.

If anyone has experience with this builder, I’d love to hear about it—especially how to mitigate risks with quality or warranty issues.Investment Strategy: Given the numbers, would it make sense as a long-term hold or should I be more cautious given the saturation of similar rental homes nearby?

The wealth is made on entry, exit and mitigating cash at risk.

Hey Alex - would love to help you with your s8 investing journey- I think its a great to boost returns and mitigate risk 

@Benjamin Aaker I would think a 6 month rate cap in any deal doesn’t mitigate risk.

If the licensed mold inspector indicates mold that is dangerous you could post a 7 Day Notice of Termination due to Mold.