If you're going to buy a first house, it's worth it to go for a multifamily; up to four units you can still get in under FHA, you just have to live in one for a couple of years.
I for one could probably only afford to be a landlord of a 250-400k property here in NY, not a 700k one!
It's not that common, but it's a possible outcome, and a contract won't help even a little bit.
Strong lease agreements, property management, and vetting the right tenants will avoid 99% of these issues... but you can only do so much to prevent these issues from arising. I account for 3-5% vacancy every month as part of expenses and don't touch that money for this very reason.