Coops can be painful...I live in one...love the place...and would love to leave it at the same time...will think twice before buying another one...that said in NYC and around they are hard to avoid.Like any property if you find value it can probably be done, but there are some serious pitfalls you have to watch:1.

We were leaning towards trying to find some electric solution to avoid the pitfall of having the tenant manage the oil delivery/payment.

Too many pitfalls for OOSI.Originally posted by @Daniel Mendez:Originally posted by @Austin Tam:I went through literally all of this last year on my first two out of state properties. 

Read every thread on the pitfalls of investment real estate on this site. 

After I became proficient on my own, I was ok with family being involved because I knew how to do it and where the risk / pitfalls were.

IMO, the escalation clause is not without pitfalls and potential legal questions, but I still choose it at times when representing a buyer.   

I avoided that pitfall What was the outcome?

I wrote a blog about short sales awhile back that will discuss some of the pitfalls.

What pitfalls do you notice 1st time real estate investors getting into?

Can help steer you clear of pitfalls, make sure your interests are protected.