Examples of pitfalls include purchasing in an undesirable area, not understanding the market values (vs. list prices), not knowing the rental values (current and market), inheriting bad tenants, buying a lemon, going rogue on renting and management with no contacts / systems / no legal understanding of PA and Municipal landlord-tenant laws, not having trusted resources and contractors in place, using out of state lenders or shaky financing, throwing lipstick on a pig when renovating a house and wondering why it's ARV isn't increasing, tenants are renting, etc.

@Jose Ignacio PrietoA lease is a contract between owner and renter.

It's typically the arbitrager, but it really boils down to what the contract says.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

In short, it's usually practicing real estate without license, but many people know how to do it "legally".

Contract grade furnishing for common areas will last longer and pay for itself in the long run but will be costly upfront. 

Most are fine with that, but a few will have problems with it and claim there are legal issues, etc..

I am working on those now and have a few properties under contract.