It’s also possible to get loan funding in a matter of days, rather than waiting weeks or months for a conventional mortgage closing.The biggest drawback of using a fix-and-flip hard money loan is that it won’t come cheap.

Plus I can claim earned income from the business.The drawback of paying myself a salary is that I can't write that income off and will pay more taxes, but will it be worth it when I get preapproved for a loan? 

Any drawbacks?

What are the potential drawbacks and pitfalls?

There are also, however, drawbacks to taking the plunge into this increasingly-popular rental model.

It has some drawbacks (most notably the delay in tenant submitting payments to receiving them is 5 business days), but it's free, paperless, allows to view all payment history easily, and allows you to streamline the whole listing/application/background check process.

I think it would disqualify me from getting an FHA loan but I wasn't sure what some of the other drawbacks were?

They are both good investments, but have different benefits and drawbacks.  

Only drawback was quite a bit of mosquitos and sand flies.

As drawbacks/things to watch out for, taxes will be a bit higher than the base county rate due to Cape Coral being its own municipality.