I'd deeply appreciate any recommendations you can share based on your experiences, as well as any tips or potential pitfalls to watch out for as we navigate this expansion.Thank you all in advance for your time and insights!

As long as the distinction stays clear in your mind, I think you will avoid any serious pitfalls.

My aim is to not only profit financially but to gain in the process some intangible assets, such as project management skills, getting to know reliable professionals (i.e. realtors, contractors, designers, etc.) for the long-term, getting acquainted with the local market's promises and pitfalls, and basically adding some entrepreneurial muscle going into my next project.My strategy is to go small: find a second-hand apartment in a good location (I don't have enough funds for a GREAT location...); no more than 60-70 m2 (that's about 650-750 f2) to, among other things, lower renovation costs; 1-2 bedrooms, street facing and with a lift (if said apartment is above the second floor); with good bones, i.e., needs only partial renovation.

And are there any common pitfalls or crucial advice you wish someone had shared with you at the beginning of your investment career?

I've never done a 1031 but if I wanted to I've read enough of what Dave's said to feel not only confident that I could get it done but also understand what kind of pitfalls I might be against.

@Jai Koolwal there are a few pitfalls to turnkey.

Also please feel free to share ang tips and pitfalls to look out for.

I believe a lot of the pitfalls David speaks of are those situations where the margin between having reserves and not having reserves;  Having $1,000 dollars in the bank and taking on a project that will run in the tens of thousands.  

I am a new investor trying to avoid as many pitfalls as I can.

They can usually fill in the gaps on (process and pitfalls).