You can find some diamonds in the rough don't get me wrong but if you aren't experienced enough to see red flags in the property/ transaction they can be costly. 4.

Red tape with trying to get the HOA board to approve repairs.

I definitely ended up passing on this "deal" based on the red flags.

Family or not it's giving big red flags. 

Yup, this is exactly the reason that I wouldnt allow delegated correspondent - it's too easy to get greedy and gloss over red flags when you get paid to package and sell risk to your partners instead of bearing it yourself.

On paper we were slightly in the red but much of that is due to one-year expenses/repairs & allowable transportation costs to get up to the property for work days ourselves. 

They are cheaper than red potatoes.  

I’m surprised that in itself isn’t viewed as a red flag. 

And won’t parties involved see red flags waived by all this “out of space” subterfuge?  

As a matter of fact, the red 4 unit next door is always on Zillow trying to be sold.