"Good" processes will increase efficiency and mitigate potential pitfalls.

negativity in this world is far more common than an honest politician. when you are swimming up stream, you are going to find more hurdles and pitfalls than if you swan downstream. going downstream is easy, any idiot can do it. its those of us that swim upstream that have the courage and foresight to reach our goals. if all you wanted to do is just exist and go about life until you are dead, well, then follow the crowd and swim downstream. pretty soon you will find yourself just as unhappy and negative as they are, but comfortable because you are barely eeking out an existence with minimal work involved. sounds just a tad bit boring to me. those of us who are willing to swim upstream meet challenges, hurdles and negativity along the way, but we also have the biggest stories to tell because we have had some damn great adventures along the way. its not the reaching the goal that gives you the stories to tell, its the journey getting there. you can have the thrill of achieving your goal without the hell to go thru in getting there. that hell gives you some incredible stories to tell along the way, and if you wanna try it again, well, now you know what to expect along the way and the next journey won't be quite so hard. let those little people sit in their cubicles along their way and have nothing to show or tell about it in the end. i would rather have the journey to talk about when i get to my goals. 

This is a common pitfall for folks unfamiliar with the auction process.

Thank you for sharing about this pitfall @Jared Chipkin!

I guess any publicity is good.If you ever want to chat on he phone or via Email I am always accessible to fellow investors to try and help them avoid the same catastrophic pit falls we fell into.

Not able to do a full mentor-ship but I can help you stay away from the pitfalls.

Although the concept of Arbitrage (above) is a Hot Topic, the concept of Furnishing and leasing out somebody else's property has a lot of pitfalls.

Please enlighten me as to some of the pitfalls, timelines and complications that I do not appreciate

My husband called the lawyer at that point (I had him do it because he knows the mortgage industry much better than I do, and it turned out he and the lawyer had some colleagues in common.)Dealing with the lawyer was a little frustrating, because he was obviously pretty unfamiliar with sub2s and kept dramatically warning the seller about the potential pitfalls (the mortgage remains in his name, etc.)Eventually, we worked it out by putting these two clauses in the contract. 1) If we miss one payment, the seller can take the house back. 2) We will refinance into our names within three years.After the paperwork was finished, we mailed a check for $1,200 to the lawyer and he sent us the paperwork.After that, we did more waiting for the seller to be ready.I emailed the seller at the end of April reminding him the paperwork would expire at the end of the month and we'd need to have the docs updated if we didn't sign them before then.He said he needed another few weeks to get ready.

What are some of the greatest pitfalls I’m underestimating?