I do want to point out that I let many of the smaller opportunities walk (fed to local realtor) as the risk outweighs the reward.

I am a newbie and I don't currently have properties but having lived in college town for 4 years I know that the pros outweigh the cons.

The opportunity cost of not investing right now may outweigh the return you will get from putting that extra money towards you loans.  4.

Whether you make less cash flow initially or not is really not the issue, as the experience and other benefits such as equity, depreciation and appreciation of owning property far outweigh the extra $100-$200 in management costs.

Are there any major pitfalls or turn-offs that outweigh the potential benefits? 

However, you should consult with an accountant/attorney to see if the benefit's outweigh the costs.Furthermore, the business you are in may be eligible for the 20% section 199A deduction.

Does the value of a third bedroom outweigh the cost of adding that bedroom? 

The demand for affordable housing vastly outweighs the supply.   

This is a pro & con, because depending on the property, location, etc. this may not be ideal.The VA has more strict inspection criteria for the property and will not provide a loan if the property is not habitable.  5 major things they look for are structural issues, pests, security issues, electrical issues and heating issues.I know this is a lot to consider, but if you want to dive into the details of any of these items, please feel free to reach out to me in a private message and I'll help explain things further.In my opinion, the pros by far outweigh the cons. 

There are a few financial advantages, but the restrictions on what you can do outweigh the "I can get a commission on my own deals".Just work closely with REA's that are investor friendly (not automatic...no matter what they may tell you)...and respect them.