It's often used to avoid foreclosure, but many payment plans are not completed because the debt doesn't make sense (or the income disappears).  

The main issue you want to avoid is violating the automatic stay of bankruptcy.

I've been advised to avoid condos and townhomes because of the HOA for investment property.

I figured that getting a license would help me to avoid some issue I may run into doing it without a license.

Since they haven't moved in yet, offer their deposit back and avoid more drama.

They'll also tell you that you should avoid bad debt wherever possible, buying things like cars up front with cash.

Good to hear that you got out of it making the money and know what to avoid in the future!

@Douglas Dowell A quid-pro-quo lending arrangement such as you suggest would also be a prohibited transaction if the IRS were to see that - which if they audited either individual they most likely would.It is best when working with IRA funds to avoid any situation where you are thinking "it sure would be nice if I could use IRA funds for this deal I'm involved in".  

I have college area rentals too and do what I can to avoid midyear vacancy too.  

For lighting, I suggest you go for the LED stuff and avoid the umbrella set up.