What are the pitfalls?

Agreed with Tom...Once you have lots of experience, you'll start to understand the risks and pitfalls of partnerships, but until then, you should have someone who can help you (and them) protect everyone's interests and ensure that, under any circumstance, things can get straightened out if there's an issue.

any pitfall I should know about?

Despite the pitfalls of using FF for market research, without an Airdna-type tool specifically for midterms it's still one of the best ways to research what spaces are going for in your particular market unless you're in a place like where you operate with a particular clientele that tends to use a different lead gen source like you use for traveling academics.

There's some potential pitfalls and things you'll need to pay attention to but yes you can.

My question is:Is anyone willing to give a bit of advice or suggest any pitfalls I may be over looking? 

Wow- that sounds like a lot of extra work and opens up a bunch of pitfalls. 

Are there major pitfalls where I should avoid these completely?

Pitfalls Problems to be aware of?  

you can avoid most all of those annoying conventional lender pitfalls.