I'm currently approaching the end of my undergrad, and I'm faced with a dilemma (my field is computer science). On the one hand, I have a professor that I've been working very closely with on some promising research, and he's pushing very hard for me to go into grad school. On the other, I have the (extremely lucrative) world of industry beckoning. I don't really have a chance to get into grad school anywhere but with this professor, because my grades are terrible (I'm a better researcher/programmer than student), and I would very likely do it if I wasn't trying to get away from the town I'm going to school in (which is also my hometown).
Being in CS, I know that productive long-distance collaboration and research is possible. My question is, what are the potential pitfalls of essentially doing a Master's "on the side", while working a full-time (or possibly part-time) industry job in a different location?