I don't do actual buy and hold real estate or flips within that account, because there are too many pitfalls and restrictions, in my opinion.

Any tips, advice, pitfalls would be greatly appreciated!

What are the potential pitfalls with a setback violation on an existing structure (with a documented setback exemption from the city) ?

What are the pitfalls here?

It gives all the pitfalls and covers any gray area when using your IRA.

I think he'll go for it but I need to get it for the right price.Lots more to this picture so let me know what else you need to know to determine if this is worth the trouble, potential pitfalls, upside, risks, etc.  

All this isn't to say you can't get a great deal and make money in DelCo, far from it, just saying each area has it's own pitfalls and peculiarities and these are the couple I've noticed for that area. 

While I know you are aware of the misrepresentation claims and breach of warranty claims that can be based on the real estate condition report and the offer’s language, there are also other potential pitfalls especially in light of the number of transactions which you are projecting.

@Steve Babiak You are right on about the potential pitfalls of shared storage.

I think if you really inform a seller as to the pitfalls of doing construction with a L/O or installment and show that the collateral will be improved, their safest way is to convey title.