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I heard you should avoid links that have a "no follow" designation. What does this mean? How can you tell if a link is "no follow" or not?
Yes, If you want to promote your site via Link building
Read complete detail here;
"Nofollow" provides a way for webmasters to tell search engines "Don't follow links on this page" or "Don't follow this specific link."
Originally, the nofollow attribute appeared in the page-level meta tag, and instructed search engines not to follow (i.e., crawl) any outgoing links on the page
About rel="nofollow" - Webmaster Tools Help