I have been researching the Brrrr strategy recently and it seems like the biggest pitfall would be not being able to refinance.

I realize a few of the pitfalls but would like to here other people's thoughts on this.

Any pitfalls we should avoid?

Then I could avoid both pitfalls. 

In addition to this, the deposit gives you access to the following:a.Advanced Deal Analysis Software – enter the purchase price, rehab costs and After Repair Value and we’ll give you a comprehensive break down including costs, net profit, and potential cash to close.b.Access to Proof of Funds – 24/7c.Contracts and Checklistsd.Additional Tools & Resources to help you avoid common pit falls in evaluating, rehabbing, negotiating and reselling the property.e.Your first evaluation is covered with the deposit.f.If the needed funding is more than 70% but it’s still a profitable deal, we’ll work with you to potentially wholesale the property and still make money on the deal.g.The remaining $1850 is rebated back to you once you resale your first property.8.Just like every other Hard Money Lender, one of the biggest challenges is helping new investors get dialed in on establishing accurate After Repair Values.

A lot of investors and wannabe flippers, don't realize the complexities and pit falls of second grade work by lousy contractors with undefined scopes of work.I always tell my prospective clients, that the place to save on a project is not on the cheapest Architect or Contractor.

Doable but I see a number of snags and potetial pitfalls. 

People can talk about different experience, whats deals they're working on now, pitfalls and successes.   

What are the possible pit falls of this type of investment. 

With renting, your income will likely be a slow build back into your savings and you have to consider all of the potential pitfalls of renting, i.e. renter turnover, vacancy rates, market fluctuations, repairs, and so and so forth.