Are there any common pitfalls I should avoid during this process?

Major issues with the 1st contractor, but 2nd contractor fixed things fast.

Note the most common trait all the ripoff lenders have: they want advance fees. 

Right off the bat, there are foundation/framing issues that need to be addressed. 

I’ve dealt with water issues before including using water damage and remediation companies.

The condo doesn't have an elevator, but the other amenities are listed below:Amenities included: Common Grounds, Fitness Center, Gated, Reserved/Assigned ParkingServices included: Common Area Maintenance, Maintenance Structure, Insurance, Management, Pool(s), Recreation Facility, Reserve Funds, Snow Removal, Trash, Water, High Speed InternetThanks in advance for any advice!

Hi Thomas, That is a common path that many investors take by utilizing a credit line or second mortgage to access capital to support down payment / closing requirements for the new purchase. 

Certainly there are groups out there that allow for that check size, but $50k is more common.

We also struggled with the issue of allowing pets.

DD on the property itself isn't an issue for me - I'm most concerned with not recognizing a problem in the collateral file.