Are you aware ________ the problems involved ________ undertaking this project.

The correct answer is: of, in.

 Key Points

• The phrase 'aware of' is correct. 'Aware' is typically followed by 'of' when referring to having knowledge or consciousness of something.
• The preposition 'in' correctly fits in the second blank because it indicates involvement 'in' something, in this case, 'undertaking this project'.
• Therefore, the correct sentence is "Are you aware of the problems involved in undertaking this project."

Therefore, the correct answer is Option 1.