It's a very common mistake where an investor sold and bought properties and then when it's tax time they find out they didn't do the right process to actually qualify as a 1031 exchange.  

This is quite common and you don't need an LLC for it. 

That is common from many lenders and it will also give you more time if need be if one of the other options does not work.

@David De La Torre it is common for electric and gas to be turned off when a tenant moves in, forcing them to turn it on in their name. 

In my life outside of real estate, I worked in Information technology where I have participated in the creation of open source software as well as documentation published under creative commons. lots of license thinking to borrow from.It has always felt wrong to attempt to monetize everything associated with real estate investing.

Pitfalls to Avoid: What are the common mistakes new investors make that I should be aware of?

But if they stop paying, you stll have to do an abbreviated foreclosure to get the property back.May want to do Lease-Option, where they lease the property for X years, with the Option to purchase at a contractually agreed upon price.

Common misconception is that DSCR loans are non-recourse because they can close in an LLC. 

Then, the opportunity to buy and completely control the property, while having their seller/wholesaler do all the work.Sign me up.In fact, 50/50 JV splits are common.

The front yard is a common area for all three units and also has a lot of irrigation.