There's nothing like the experience of others to help you not only sound more professional in the beginning but also miss a TON of pit falls!  

They often provide valuable advice on market trends, property valuations, and potential pitfalls in the investment process.

Here are some common pitfalls I see for new investors from the private lending perspective:• Insufficient Funds: most lenders are going to be able to lend a first-time investor somewhere around 75-80% of the purchase price of an existing property + 100% of your estimated rehab budget (or an 80/100 loan, for short).

I'd shorten as suggested and include the value to the owner as their mind will quickly go to the pitfalls of this strategy. 

His information is faulty, his approach is to "overleverage", "zero down" and in my opinion the information he leaves out is either lack of experience on his part or intentional deception, neither of which I am willing to be associated with.He leaves out very important information, like what my buddy recently posted at Using Subject To, to Get "Free" Properties - A Quick Guidelinehttps://www.biggerpockets.com/forums/311/topics/1188416-usin...We teach even the downside of Subject To and how to avoid the pitfalls.

It'd be great to hear some real-world insights to help this group avoid potential pitfalls. 

If you're willing to share any advice, pitfalls, or stories from this project I'd love to hear them.

Detroit can be tricky to analyze, and some deals that look good on paper might have hidden pitfalls (taxes, rehab surprises, etc.).

As far as financing, I have considered  1) an FHA loan with a cosigner, and 2) going off market and approaching many owners about potentially seller financing.Any and all feedback, advice, and info on potential pitfalls would be appreciated!

Then to have to talk them through all the pitfalls that they weren't shown (if they can get over that I have nothing to "sell").