Be straight forward and honest and let them know you are doing research on what to expect and ask their advice on pitfalls to avoid getting started.Any other time spent worrying about market share is wasted energy in my opinion.

I think its a great opportunity since I saw how well they took care of their place and got the feeling they didn't want to leave but am also scared to run into any pitfalls that are unforeseen with this investment.

Are there any pitfalls I am missing on the SD 401k?

Thank you Michael, Brian, Kathy and James for the warm welcome :)After doing quite a bit of research, taking courses on all the different types of strategies, legal advice on the vast pitfalls of real estate investing, negotiating, etc.

Is there any potential pitfalls to avoid?

It really helps to have someone hold you accountable and help you avoid the costly pitfalls.

Has some very valid points and if you keep the advice of people like him in mind you will have a better chance of not falling for the pitfalls of trusting people who lack your altruistic perspective.

Taking on partners has many benefits and can make the difference in a deal, but the reverse is also true and can produce a huge pitfall.

What are the pit falls?

I've got a 17 acre parcel of land I bought in 2010. I did overpay. I was emotionally attracted to the place for a few reasons. And the land market around here has sunk a bit in the past 2.5 years as well. I am getting...