Generally, I recommend staying away from it because of the pitfalls and headaches.

I am interested in learning more about real estate investing and to learn about the pitfalls that can go with it. 

I came across a strange listing yesterday that I'm very interested in and have a showing for tomorrow. I haven't been inside yet, so I haven't been able to run the hard numbers.It is a listing for two houses located o...

.=$70k - condo (no repairs needed, close to a school)=$1k - property taxes=$800/mo condo fees=Just renewed NO hassle tenants renting for $1600/mo for at least 1 more yr....I'm the property manager so I know there's no pitfalls in this rental agreement or the property itself....I'm thinking get the property seller-financed....and just start making passive income TODAY!.....

A certain percentage of the notes you'll quote on will or will not ultimately close, due to some of the "pitfalls" mentioned above.

The, pitfalls of internet based information exchange, high liquid MLS systems and everybody's mother-in-law acting as the local wholesaler!

Also what sort of pitfalls are there in Houston?

Oh, and your rate will likely be higher than purchase money.I don't try to be negative, but you did ask about the "pitfalls". 

What are the potential pitfalls to this other than the obvious such as, I buy a lemon and waste a ton of my 401k money. 

Are there any big pitfalls I may be missing here?