What kind of pitfalls should I look out for, for the greater Seattle area (I'm mostly looking at the north Bothell, Everett, Lynwood areas), and specifically in terms of laws and regulations that could catch me off guard?

Make sure the PM is either owned by the turnkey provider or is very closely vertically integrated, this is a huge pitfall to be aware of.

What I mean by that, is in theory assuming I have sufficient funds I could travel to any city I wish stay there for a few months to find a deal, go through the entire process of buying and flipping it and after it is sold move on to another city.This wouldn't be what I will be doing for the rest of my life of course, but I would like to take a couple years to travel a lot throughout the country, and I believe this method could help me do thatI know that this plan will have a few obvious pitfall problems, but that is why I want your input to help find ways around the pitfalls such as:- Where to live during this time?

Both of these strategies have risk so get good advice from an attorney as to the pitfalls and likely hood of success.

If your looking turnkey make sure you are aware of potential pitfalls.

What are the pitfalls?

With seller financing are there any rules of thumb or pitfalls that I should be aware of?

There are many pitfalls, no matter where/how we decide to invest.

There are some pitfalls to be aware of!

If your looking for cash flow you need to ensure your educated on some potential pitfalls.