In the future i can also build more since it is zoned up to 5 homes and allows for manufactured homes. 

Question: in the Detroit Market, what are green lights, yellow lights and no go zones? 

If a tenant is asking for rent reduction in normal times, then that's a red flag that you have to find a new tenant.

If you don't know about the FEMA 50% Rule, please look into before you buy and try to rehab a home in a flood zone.

**Why A Half-Point Rate Cut May Signal Bad News**While many view the Federal Reserve's half-point rate reduction as a positive sign, I see potential red flags.

If your unlucky enough to invest in these areas your “wait” for a rebound might be quite a long time - or forever.  2 - Governmental Regulation  - Rent control, rental use regulations, property taxes, zoning, etc.

I have found in the Austin area, appreciation is your best option since property values are so high that rent can put you in the red month to month, even on really great deals.

I would like to learn of any potential red flags in the assumptions but most importantly just go over the deal with a fine-tooth comb to confirm my own understanding of the deal. 

Once my zoning variance was granted, I expected getting the building permit would be straightforward.

You're forgetting about knowing the locale, site due diligence, zoning analysis, getting you through filing/permits and many other things as design professionals (Architects AND Engineers) are responsible for.