Real estate investors often use like-kind exchanges as part of their tax liability management strategy, but these transactions are complex and potentially full of pitfalls. 

What are the major pitfalls to trying to do the right thing? 

I do put in my mileage as it is just over 700 miles round trip each time I go over.The mortgage itself isn't deductible but the interest is as you noted.Still, find yourself a good CPA who can guide you through the pitfalls of STR's.

I just wondered if this was common or not or if there were some big pitfalls I was missing.

I have a colleague at work who owns 4 rental properties, I know at least 2 of them are located in Illinois. Illinois being the glamorous, tax happy state that it is...I have some questions. Well one mainly. What is th...

I'm really wondering if there are any pitfalls to watch out for here and perhaps any tax situations of which to be mindful.  

Pitfalls they have seen.

What pitfalls am I missing?

Just by surrounding yourself with like-minded individuals and having great conversations, you can avoid pitfalls you may not have known about otherwise. 

There are so many pitfalls, nuances, etc, it's definitely worth using a buyer's agent.