Network with investors, avoid common pitfalls, and refine your numbers.Good luck!

They will be able to give you insight on where they're seeing the most cash-flow, what pitfalls to avoid=, and maybe even help mentor you on your first few deals. 

@Tom Harkins- I am quite late in asking this, but what were some of the pitfalls or perhaps disadvantages in dealing with a claim yourself?

Those serving as cheerleaders and those who caution about the pitfalls.

- How do you protect yourself from potential pitfalls (e.g., vacancies, market shifts)?

What are some typical rehab pitfalls with the 1920 buildings? 

What are some common pitfalls to avoid as a new real estate investor, especially in the multifamily sector?

I would be careful of the folks on here that strictly invest in section 8 as there are a lot of pitfalls when working with government entities and low income tenants.

Looking at a potential deal, but want to avoid pitfalls.  

Acquire enough RE that it takes you or your spouse more than 750 hours a year and 1/2 of your time to manage.When you are a material participating RE pro all of your and your spouses’ RE activity becomes active, allowing you to offset RE losses against other active income.One pitfall of a RE Pro spouse if you are full-time W-2.