Several members have pointed out the risks and pitfalls of buying there and some ways to mitigate those risks.Major risks are: 1. unacceptable, but unseen damage2. title defects, leans, and second mortgages convey to you3. entering the property risks in legal issues and getting attacked4. bidding gets out of hand running prices up near mls valuesStrategies to reduce risk:1.

I'm really curious how this process works (or the pitfalls) if you buy a building with a bridge loan or you pay all cash with the ultimate plan being to refinance into agency debt.

Any advice on the size of the deposit (%) that should be requested and any pitfalls I should be wary of?

Plus I would recommend talking with someone who understands the pitfalls of this business.

and shown how awesome this potential investment will be, along with various other curve balls, pitfalls and traps for you as the unwary buyer can fall into. 

What are the pitfalls I need to avoid? 

Also a huge pitfall for new investors is to estimate rehab cost.

This allows for no real tax pitfall when doing a 1031Disclaimer, I am not a CPA so please consult your accountant.

I am curious to hear if there are attorney/brokers out there and if they know of what the possible benefits but also the pitfalls, ethical issues, and downsides are of becoming a broker as an attorney.

Any pitfalls I need to look out for?