It highlights all the pitfalls but the 3rd section is how you properly structure buying a home with your LOC.

He has agreed to do the day-to-day management of the property (long term, as I accumulate more assets, I would consider hiring a property management firm).Looking to get some advice/call out any pitfalls in my assumptions:Focus on low cost, 55+ communities in Boca Raton/Delray Beach Area (Century Village, Kings Point etc.)Setup an LLC with my dad and myself listed (otherwise, my options to purchase in 55+ communities would be limited)Properties must have a net operating income of $1,000/month or more, expected rent $1,600-$2,000HOA: $450-$550, Insurance: $50-100, Taxes: $50, Maintenance: TBDInitially pay for all assets in cash, no debt. ($40k-$100k purchase price)For the first investment only look for minor cosmetic upgrades.

-What are the pitfalls of a deal like this? 

If we listen and learn from them hopefully we can avoid some of the pitfalls they ran into.

I'm brand new to real estate and reading up on the general transactions of property purchasing & selling, but it seems that there are non-physical pitfalls such as liens, titles, and possibly others. 

ladies and gentlemen, i am going full bore on wholesaling, as a start. there are tons of resources out there, and almost as many gurus. i understand the need to have cash buyers, and how important it is to tie up the property. however, if anyone could share some sage advice, i  would appreciate it. i know pitfalls exist with assignments, earnest money,  but an help would be appreciated.  

Also any pitfalls to avoid / additional advice?

Tell me about your first deal: What were the pitfalls?

Im starting to feel comfortable being uncomfortable and have had some pretty significant pitfalls but I always come out in the possitive through sweat equity and high demmand.

The difference between the two treatments is whether or not you pay the 15% self-employment tax on your profit.Still, I side with Ashish in recommending professional help, as my suggestion needs a more detailed discussion before implementing, with a few pitfalls to address.