A good agent will also understand the pitfalls of investing out of state and will help you mitigate the risks. 

Experience, most agents know nothing about construction and even less about the pit falls of flipping homes.

ACH has its pitfalls as Chris mentioned but if you have good tenants its not really an issue.

But the pitfall I see most people who venture into this arena is the lack of a quality manager.

Or do you think you have been exposed to all the pitfalls in this one deal.

There are a lot of potential pitfalls, so it's not for the faint of heart!

Hello BP,After beginning my buy and hold investing strategy a little over a year ago, I am just starting to realize some of the problems and pitfalls that I was too careless or inexperienced to even think of.    

For someone like me who is just beginning the journey, it's invaluable to understand the pitfalls and challenges especially in the beginning of the process.

I think the biggest challenge for borrowers is knowing how to stack the deal to make it flow through and where the pitfalls are.

And there are numerous pitfalls including valuation differences and paper trail documentation that it's usually not a DIY enterprise.