yes I agree about the friends and family and would only consider it with these two people, I work with family on a daily basis so I know the pitfalls lol Its just I feel having half of two pies is better than no pies and just as good as one pie, so if it helps me get my foot in the door Im willing to do it.

What are some of the pitfalls and the type of contract to be used when I have found a property.

I'm just looking for creative ways to conserve seed capital while trying to avoid pitfalls in the process.I'll just come out and state the obvious...  

What are some advantages and pitfalls in this sector?

Anyone have any experience with evictions (cost, time, pitfalls)?

They teach half truths but fail to fully inform people of the potential pitfalls if you get caught operating illegally.  

Are there any pitfalls that I should be aware of?

I would like to avoid as many pitfalls as possible along the way, and I know there are many out there who have the benefit of hindsight and what they would do differently if they knew then what they know now.

Assuming the program is still running, what pitfalls should the JV be looking for?  

My buy-and-hold approach so far has been to try to acquire properties without need for extreme rehab because, just as you found, you get all these uncertainties and pitfalls.