I suggest you stay away from anything asking for a considerable amount of money, if it's a considerable amount to you, it's probably too much.The pyramid schemes are alive and well in the real estate and note investor pools, the profits usually come from the other investors after skimming off the top.As to education, usually the value is grossly over stated and the real quality of an education has more to do with who  presents information than the information, in other words, if it's some nit wit trying to explain the hottest strategy they probably aren't aware of the pitfalls related to what they are saying.

Read the forum questions from other newbies to learn about their pitfalls/mistakes, listen to every podcasts more than once (you can always take something away from those podcasts), read as many blogs as you can from the big time BP contributors, definitely read the guides in the education tab too.  

Are there any pitfalls to know of when using this method?

Few issues that are pit falls for small parks in Florida:Review the lease and then review it again!!!! 

You should spend a lot of time on here reading about the pitfalls of working with PMs so that you know how to better manage yours and what to expect.  

Are there flaws or pitfalls I need to think about prior to arranging this?

There are too many potential pit falls that can happen prior to your exercise of the option.

The episode it called, "Turnkey Real Estate Investing Explained".There I explain what those terms mean, common pitfalls investors make, and a 5-point system to help you compare turnkey providers.

Any pitfalls I should be aware?

I have been asked to speak about different topics ranging from Top Landlord Pitfalls that will get you sued, Fair Housing Violations, Tips and Tricks to Lease your house... etc..Because I am investor that started out as an Airline pilot and started buying homes after 9/11 and then subsequently created a management company I have different take on being a property manager.