What are the key risks or potential pitfalls in this strategy?

The key point here is that the seller is selling not planning their estate.

Listings were published in a book and realtors kept all the keys in their office there were no lock box's  you had to go to the listing brokers office and check out the keys. 

Business Continuity: If you invest with partners, a properly structured key person insurance or buy-sell agreement funded by life insurance can ensure a smooth transition if one partner is no longer around. 

I recommend you include some of your key qualification criteria in the advertisement.

Are you looking for a turn-key property or something along the lines of a "fixer upper"?

A key point of the LLC offering protection is the separation - so if a name/asset is in your name but the bills/loan re paid from an LLC we don't have that separation. 

For a project like this, where you’re installing a water heater, HVAC, replacing a front door, and installing appliances, here are some key insights: 1.

Quote from @Tyler Garza: Quote from @Kishan Purohit: @Tyler GarzaEstimating ARV accurately is key to making the BRRRR method work.

This is a key difference from traditional buyer agency, where the agent keeps this commission.3.