It is dangerous if you know what you are doing. 

I have lots of questions, but my biggest question is, when viewing the property are there any dangers or warning signs I should look for?  

If you have no cash flow then you are banking on appreciation and deductions and that can be dangerous in this frothy market.

Prices are continuing to come down though so it's dangerous to assume appreciation even if our market in DFW is a desirable area. 

I've been seeing ads on TV and hearing them on podcasts discussing the dangers of having your house literally stolen by means of "deed fraud". 

This is the MOST dangerous phase for anyone, and it was especially bad for me.  

There are short-cuts, like borrowing from others or running up credit card charges, but those are fraught with danger.

It varies so much because different ships have different types of work; and with that I may be working +70 hours a week and I may receive additional payment on top of my overtime payment depending if the work I do falls under “dangerous cargo”.I’d be able to gain another 30k within the next 4 months after that first four months... maybe less.2) I currently live at home with my parents while I’m not working.

Someone is willfully blind when they believe there's likely a problem or danger, but they go out of their way to avoid direct knowledge of that problem.Deceptive Intent.

That is what makes them a semi-attractive option, because the distinction of having to owner occupy makes it less valuable and limits your flexibility/buyer's pool but you don't have the whole hassle of complying with commercial code.