This always screams red alert when they already can’t pay something 

I will ask for every red cent I can make the market bear for it.And if my appraisal comes in low, I will absolutely argue about it until I've either gotten my way about it or had the appraiser tell me that under no circumstances will he consider further re-evaluation... and I've had it go both ways.Am I nice about it?

My first red flag was when you said partners - one partner is already bad enough, multiple are a recipie for desaster! 

Also, having the right connections with the local government can help get past through all the red tape.

Large bank or even a community bank, you still have to qualify, and there's always going to be a layer of red tape involved.  

It's not normal for developers to give a 50% discount it's actually a huge red flag.

FPE Stab-Lok breakers (red strip across the front, often says Stab-Lok somewhere on the panel) have a very high chance of not tripping when shorted or overloaded. 

I personally don't like this transaction, but everyone has a different risk tolerance. if you can aggressively raise rents and the market appreciates you are fine.For your assumptions the red flags that I'm seeing:0% vacancy should be higher unless your a PM and are experienced, even still.0% for management fees, are you a property manager?

I am often retained to vet syndications on behalf of LP's and a common red flag I come across are syndications where the distributions are merely a return of over raised capital.

Are their prices clearly advertised on their website or is the model "it depends" which is always a red flag.