Are there any common pitfalls I should avoid moving forward?

Working on properties with your spouse introduces many variables and potential pitfalls, but introducing other partners will just increase the number of variables and costs to mitigate the risk.

These come with pitfalls of their own to look out for as well.

The biggest pitfall here is that unless you have an agreement in writing as to what everyone's duties and responsibilities are and then mother-in-law dies, a sibling or even another relative might make a claim to the property.

So it is critical on those type of projects to see where it is in the process and WHO is backing it to completion and the different tranches of debt and stages for funding.I used to do commercial assemblage for developers when I first started out over a decade ago and there are many steps and pitfalls to it.

Are there in any pitfalls in having a small minority stake in the loan?

The other method as listed below has some serious pitfalls for the buyer.Title doesn't transfer to buyer imminently.

LOL, the ANTI arbitrage crowd, while correct in some of its positions on the risks and pitfalls of the STR arbitrage model, is, IMO, neglectful in not giving credit for a proven business model.  

Do you or have you owned any and if so any advice or pitfalls I should be aware of

In summary, RTO can work for experienced investors who know how to avoid the common pitfalls and possibly a few lucky newbies.