Two pitfalls I see: 1) It falls well short of the 1% rule ($2600/ mo on $350,000 purchase price, so I wonder if there is wiggle there on the purchase price.  2) You built this on a low FHA loan rate. 

If I like the numbers on a house; Purchase, Renovation costs and After Renovation Value what pitfalls should I be thinking of if I can get the owner to hold onto the house until after I renovate it? 

If you are a professional giving an investor advice you should not tell an investor which type of investment is better without doing the math and without knowing how to avoid pitfalls that result in poor returns.  

Or any pitfalls I might be missing while this is in a very early stage of an idea?

Hey everyone, I am looking at a deal that another investor is selling because he didn’t have the cash to complete the rehab. I could either do one of the three houses by myself or I could partner with him to do all th...

Are there any pitfalls I need to be mindful of? 

What pitfalls would potentially arise? 

Potential pitfalls when lending through SDIRA?

While I'm asking -- are there common pitfalls to be aware of in this kind of project?

This may help you avoid some of the early pitfalls of newer investors.