That is why it is imperative that we start now (should have started before now, actually) and that we avoid some of the pitfalls and dangers of haste decision making and irrational judgements with regard to investing.

What tips / pitfalls + avoid at all costs advice would you offer?

If you do your home work and remember 99% of the so called real estate investors do not understand the real rewards and pitfalls with buying distressed assets or notes vs distressed real estate.

Probably a good idea to ask a CPA or other good tax person about any pitfalls (or maybe hidden benefits!)

Any pitfalls to having a license AND wanting to invest? 

This will help steer you clear of many of the pitfalls, like the course that you took as well as set your expectations around what you are really getting in to. 

Too many landmines or pitfalls to step on doing it alone.  

What's some major pitfalls I could run into. 

wondering what are the pitfalls of this kind of deal for the buyer.  

I am very eager to get started but I want to build the strongest foundation to avoid falling into any financial pitfalls.