Do you have any sage wisdom, pitfalls to avoid, or general advice on how to go about finding your team?

Just looking for any major pitfalls to avoid as I take the leap into landlord.

Most folks in RE investment didn't have any formal training (myself included) and so sites like this have become essential for avoiding some of the common pitfalls a new investor may fall into.  

Any pitfalls I should be aware of?

The measurement error there for distressed real estate investing would be much higher than the pitfalls of using an IRR calculation IMO.Again...just my opinions.

What are the pitfalls of vacation rentals from a landlord's POV vs. that of a regular landlord?

I looked over the upcoming training schedule and some of the classes offered (almost all are two hours) include: Your Castle Career Launch, New 2011 Contracts, New Agent Orientation and Power Tools, Denver Metro RE Trends,Ninja Weekly Agent Coaching Boot Camp, Career Mastery Instruction, Advanced e-Contracts, How to Buy a 40K Condo That Cash Flows, How to Capture Investor Business and Advanced 1031 Topics, Public Trustee Class, The Contractor/Realtor Relationship, Networking With Confidence, Buyer Mastery Class, and Avoiding Inspection Pitfalls.

Any thoughts on pitfalls, etc?

So for me the most important thing Biggerpockets has done has been instilling the confidence within me to make my first move.I was able to post information about my first deal, get valuable feedback that helped me avoid pitfalls and make my first deal profitable.

I would follow up with your attorney to double check and avoid any unnecessary pitfalls.