While you can find a good deal, you really have to be well versed in identifying pitfalls and cash is the king!

There are many pitfalls in this business, but it can be worth it.

Too many seemingly good deals could be pitfalls if you dont know where you are buying.I would suggest that wherever you are you should attend investment groups and meet-ups to network and get advice on finding local team members.

The BP podcasts and advice are amazing (I'm basically addicted at this point, no more radio in the car for me :) )Please anyone feel free to give advice and pitfalls to avoid I'm really hoping for a strong start!

I'm not aware of any contractual limitations on the closing date (I'm in Florida) and can't see much downside risk.I'm just curious whether anyone in the BP community has ever structured a similar deal, what the outcome was, and whether there are any pitfalls to watch out for.Thanks!

The form is complex and takes time, however a good real estate CPA will be able to complete it for you.You need to find a real estate CPA who is going to walk you through tax issues related to real estate and educate you on the tax law so that you can avoid pitfalls in the future.

As others have stated, buyer's agents are one of the best free team members you will ever have, and especially if you are new, will help you avoid many pitfalls. 

What are the pitfalls?

One of the pitfalls to watch out for is the industry practice in some areas of imposing a "Wind and Hail Deductible."  

If you interested in creating a passive income through owning mortgage notes, than I would suggest you buy them through hard money lenders, like myself, who know the pitfalls of hard money lending, how to avoid them, how to balance risk, and still create a great return for ourselves.