@Jonathan Greene you've done a great job articulating the many challenges and pitfalls of OOS investing that are sometimes confined to the fine print.  

The learn section also includes some excellent information to assist in avoiding the pitfalls.

What are the Pro's/Con's and more importantly the pitfalls or things to be very aware of in order to self protect?

It is probably much tougher than you think* Do you know how to run an LLC and avoid the pitfalls that could put your liability protection at risk?

4. are there any pitfalls I should know about whne dealing with land purchases?

Realize that each little problem is made much more exaggerated by the producers to create "drama".Realize that they often gloss over very important aspects like permits, extra costs of closing deals, etc.Otherwise, most are a reasonable facsimile of what rehabbing is like and they do point out some important pitfalls that many investors run into on a typical job.

Any pitfalls I may encounter?

Then there is the 10% off the top penalty that seems like it applies for early distributions.There are possible pitfalls here.  

The obvious pitfalls here is that some people wouldn't put in equal time and effort yet expect an equal piece of the pie, causing much conflict.We were also thinking of running the projects ourselves yet adding passive investors to the deals which would keep infighting and head butting to a minimum.

My questions are as follows:-is there any potential pitfall to buying a home with a reverse mortgage on it?