Always remember application and theory do not always align perfectly, so prepare yourself to encounter some trials and tribulations along the way, but through a low of wisdom on this site, you should be ablel to avoid many if they very expensive pitfalls.

Any possible pitfalls that aren't common sense or not figured out until in the thick of it.

Learn the perils and pitfalls of what can happen to you, and try to avoid those. 

If you don't know where to find like-minded people in your area, you could instead ask about any local REI meetings.My question is: why aren't you looking for bargain-priced PROPERTIES for sale instead, and then posting the general details as to what you like about them, and asking for feedback about possible pitfalls?

Please feel free to let me know if you see any pitfalls, or areas where I could/should do something differently:Here's my plan (at a high level):1)Open a self-directed IRA (funded by means of a traditional pre-tax IRA rollover)2)Open a self-directed ROTH IRA (funded by after-tax cash contributions)3)Open an LLC     i)Using a single LLC means I will not have to change the title of the property as ownership of the LLC shifts from the traditional to ROTH SDIRA (more on that below).     

Being familiar with common business pitfalls and learning how to avoid them, in my opinion, can be learned in the class room (and on BP) when you don't have it all on the line.Personally I majored in business administration with a concentration in entrepreneurial management.

If you did, were there any pitfalls in this strategy?

Do you guys have any tips to analyse the docs and hidden pitfalls?

I am here to hopefully avoid pitfalls along the way.  

I am starting to look into educating myself on the potentials and pitfalls of getting into real estate.