One pitfall is evictions may be tricky.

There are a lot of pitfalls.

I have a couple friends going to look at the house and am hoping my brother will accept being my power of attorney since him and I would like to get into house rentals in North Dakota where he is at.Are there any other pit falls I should be concerned with in doing this.

Several things you need to concern yourself with "Comps" are one of the many pitfalls, "Association Dues", as it is most likely in a community and "taxes".

Yes, things could still have fallen through for him, but as a property owner you would have probably worked with him knowing the potential pitfalls and you could have made plans on "renovations" quicker.

I understand your warnings and the pitfalls associated with living in a home while fixing it.

Any pitfalls to watch out for?

. :) I've been reading as much as I can and listening to a lot of Sean Terry's podcasts about wholesaling and I have some relations with people that I think I could get their property under contract and flip it to and investor, but I guess I'm more scared of the pitfalls of 1)Having something I could have to close on if I can't find a buyer(I know there should always be out clauses) 2)since I do have my realtor's license (but wouldn't be representing anyone) getting in lurch for what some people may say is a net sale or how wholesaling is "illegal" I guess is the real question I want to know is how do you go about getting over the fear of it and two how do you actually structure the contract.

I saw the possibilities and pit falls and has always been tugging at my heart to do.

My uncle has managed them for the last five years and has a pretty good scope on the costs, pitfalls, ect.Asking price (and matching recent 3rd party appraisal) $320k25% down = $80kEstimated closing costs $10kAll 4 houses are rented for a total of $5k gross ($60k annual)(Many tenants for over 10yrs and 2 due for rent increase)Mortgage ($240k) @5% =$1320Taxes $8kManagement (uncle continues to manage) $6kInsurance $3200Maintenance $4kTotal expenses = $37kNet =$23kAssuming $90k investment, that comes to 25% return on cash!