For me the biggest one, and the one that kept my wife and I from selling my business for years to go full-time into real estate, was making sure we didn't chase deals with more risk than we normally would have. 

Closing costs are your biggest expenses.

Biggest opportunity for mistakes is future capex; make sure you understand what will be necessary in the next 5/10/15 years...! 

The analysis all happens up front, and what I found is that my biggest bottleneck was getting out to show properties.

The biggest risk in this process, and the one I think many underestimate, is the rehab piece. 

The biggest drawback is paying for closing again, like $8k (it's a VA streamline so there is an additional $1k on top of the other fees) but that will more than pay for itself in interest saved.

Hi James, whilst I'm the biggest fan of real estate agents & I totally believe in your value you bring to the process, I'm actually looking for perspectives from the purchasers.

I needed to caulk, trim paint and the biggest thing was pressure washing the rear deck because the previous tenant had potted plants on it for 4 years... a bit of a pain because it's a very humid environment down here so wood rot is prevalent.     

I think water and sewer line would be the biggest hurdle besides the zoning..

Is this a limiting factor for me since the city location is not the biggest factor?