@Antonio Marte  Sorry to intrude on the exuberance, but you may want to enquire as to the effect of collapsing oil prices on Texas home values. 

One had got killed, another had a stroke and died,and a 3rd had had a mental collapse was in a V.A. hospital on meds.  

After the market collapse, I let my license elapse, because I thought I had a good run and real estate was over.

Collapse? 

-Move Out Cost: Any repairs and rehabs will grow because of their 'improvements'Imagine if they built a deck and it collapsed while the mailman was delivering mail.

In relation, the contract was $10k on the 4-story building that was being torn down with a crane in Philadelphia that recently made the news for collapsing on the neighboring Goodwill store and killing 6 people. $10k for that kind of demolition struck me as cheap, and perhaps it was a cut rate contractor.

The house of cards collapsed.

Wow.... that's hard to nail down to a single thing because there are so many things that, if done wrong, can result in the collapse of the entire business.I guess I would have to say the single most dangerous pitfall would be failing to create a comprehensive business plan/model that provides a solution for everything that will need to be done..... as well as anticipate market changes which require adjustments to your business model.There's a famous military General (I think it was General Patton) that was credited with being a military genius because he gave immediate and specific commands for every scenario the battlefield threw at him.

Goes into the whole collapse of wall st and aig and the sub-prime market.

(Move onto the next deal...maybe they call back six months later and want to talk or maybe you check title transfers in the paper and are in awe that somebody paid asking price for it)I recommend you carefully ensure there is some psyco upside on this place because you WILL find something you can't foresee smacking your budget in any foreclosure (In my area I get collapsed water lines from the street...$1500 fix and that's with me cutting my contracting costs to the bone).