Hi,What are some of pitfalls or need to know potential dangers of Wholesaling? 

Again if this is a cheap little deal, I think people can get away with it on their own, but if its of substance you will want some professional guidance. 

I am armed, but not very dangerous :)

Most mortgages now have a "due on sale" clause that is rarely enforced as long as all payments are received on time by whoever collects the mortgage payments for the mortgage servicing company but there is a danger there. 

The validity of that tenant's occupancy is one thing, and that's up to the courts to establish but the right to quiet enjoyment while a tenant (Legit or not) would be an entirely different thing, that could end up being costly and potentially physically dangerous for you.

I agree that sometimes there can be something intrinsic that's not in your face that can give hints about danger, but most of those situations have to do with either picking up on non-verbal cues from individuals, or your body telling you not to let your mind override facts and probability. 

You can either have a dangerous, run-down area with low values or you can a nice gentrified area and high value,

We know there are market cycles, but not taking precautions when signs are obvious is dangerous. 

The actual eviction can be a dangerous situation in this day and age.Whatever you do do not meet this tenant in person to discuss the matter. 

The benefits of an LLC are pretty obvious but the dangers of not finding friendly lenders or having a loan called by the lender for transferring to the LLC are pretty scary.