At the same time dont jump right into an investment if you dont have a basic understanding or foundation of knowledge to do it, that's a pitfall waiting to happen.

Have you come across any major pitfalls?

My question is, what are the pitfalls or things to watch out for when negotiating and dealing with a house that still needs to be completed? 

Jose it can be done but you will need someone to navigate those waters as they contain pitfalls for the new guy.

All kidding aside, I work with all GCs to make sure that both of us are completely comfortable with each other and try to have an open and honest dialogue in the very beginning to try (the best we can) to avoid any pitfalls or misunderstandings.At the end of the day, when all work is complete, I can say that most every time I'm satisfied with their work and their satisfied with the fact that I paid them promptly.

Buying notes with other peoples money, assigning security, flipping a note or the contract on a note can be brokering.Brokering issues weren't around until the mid-90s, so any book prior will certainly have pitfalls.

Or have you experienced pitfalls that you would tell us to look out for?

They don't go in the attic to check the insulation...then are surprised when it is sawdust...they don't climb on the roof and are shocked when it has multiple layers or needs replacing...they don't make a trip to check if work is permitted or not and are shock shocked when it is not...I like to think they are trying to get potential buyers to be aware of all the pitfalls out there when rehabbing and showing you some basic things that can be wrong...That said I am so glad when folks rehab the older historic homes here...99% do it to live in ...there is no way to make money flipping here with prices as they are

Any big pitfalls that I am not seeing?

Would love to talk to anyone that has done this, or can point me in the right direction to find resources that would help me with the learning curve and to avoid many newbie pitfalls.