So far, I have been “monitoring” the REO’s in my area and just want to “jump in” and discover the pit falls on my own.

Examining properties and need to learn to crunch the numbers well and avoid, no rather have an eye out for pitfalls.

I am also a passive partner in 2 other properties: a 60 unit apt complex and a commercial property.I would love to pick-up tips on how to become the world's most efficient & profitable landlord/property-manager (including pitfalls to avoid) and I would certainly also be open to additional Brooklyn investments if the math & cap rates were compelling.Although I already own some property, I'm not so naive as to think that I don't have much much more to learn from you all and I'm looking forward to learning from the esteemed and experienced real-estate professionals on this site.Any other Brooklyn investors or Property Managers out there?

There are still pitfalls and mortgages, judgments and liens can still possibly be transferred with a Judicial sale

What are the pit falls?

The biggest pitfall is going to be whats known as differed maintenance, or, neglected repairs.

If you budget for the work involved, it can be profitable, but it depends on who you have working for you and how much you pay them, of course.There are definitely potential pitfalls in older properties, but there is also money to be made through them.

This month's speaker topic "Tax Pitfalls of Buying and Selling Real Estate."

All my architecture work to date has been for clients, so this will be my first move into developing something myself. so, i am doing a lot of research to understand the process/pitfalls better.

Financing may not be available due to property conditions as well, it may not just be a buyer's financial ability to mortgage the deal.There are plenty of pitfalls, read up on the sub-2 and be aware of the new financing requirements. :)