This would be our first rental and I think it could be a good opportunity long-term, but it feels like there’s some red flags here.

If you took the top 3 players to lunch or dinner quarterly, you'd spend a lot less yet gain a lot of knowledge.

Anyone bragging about how much in assets he has bought with other people's money, while getting non-recourse loans is a huge red flag that it is all hype and ego. 

- Are there any red flags or cautionary aspects I should be aware of?

We had a list of preferred real estate agents we listed our stuff with to get fair market (maximum) sales price.If we wanted to dump a property below market value, we knew who the players were and would contact them discreetly - we didn't want any negative publicity.Unless you find a desperate, failing lender, don't see you having much success.

If you feel these red flags are irreparable, ask for concessions or tell them to peace.

Based on the info you provided, there are strong red flags.

Keep in mind this guy was a bigger player so he had Lots of deals out with this lender and now peer st. 

Before long you'll know a bunch of the local players and won't need to share unless you have trouble selling to your list... and then team up again, meet some more investors, list will continue to grow.

Any red flags or recommendations when looking for a cleaner?