We have a solid team that can support us in this endeavor but I would welcome any guidance those of you who have done this may have:1 - What are the major pitfalls that we need to be aware of with doing something like this? 

I am looking to do the same thing and am interested in learning about any pitfalls and good-to-knows.

Pitfalls, blindspots, pros or cons I may not have thought of. 

And, of course, no one has been doing condos at all, pretty much, since the early 2000s, thanks to the builder liability pitfall. 

What are some of the considerations or pitfalls to this strategy where we would start renting a single family residence out, then convert to our primary residence after ~5 years.

What are the biggest pitfalls and things to avoid?

What are some pitfalls  I'm not thinking of that I should consider? 

At this point in the run up I pinpointed all the potential pitfalls for real estate investing in the first 11 properties.

Generally, what are some other pitfalls to be aware of?

Then when you inform the newbie of the reality of dong subject to transactions, or I inform them about the pitfalls of originating hard money commercial loans, they accuse us of being bias, killing their dream, "hating" them, etc.