Daniel Thompson identifies several specific practical and theoretical/creative problems that could arise during his photography project. For practical problems, he may not be able to book equipment on time, photos could be lost if the SD card breaks, and he may run out of time to use Photoshop. He provides solutions like booking equipment early, backing up photos, and prioritizing which products to complete first. For theoretical problems, the models may not have enough time to finish shooting, weather could impact outdoor shoots, public could disrupt shoots, models may not be able to reach locations, and backup models are needed in case a model drops out last minute. Thompson plans backup shoot dates and locations to prepare for these potential issues.