We also have a bank account at a smaller Chicago community bank, but there technology isn't as good to be honest.I think @Jonathan Greene's main point is don't step over dollars to pick up pennies. 

Red flags for me include people who are overly optimistic without considering risks or those who don’t seem to have a clear plan for their contributions to the partnership.

In some areas certain provisions MUST be included in a lease.  

Like @Russell Brazil said there are general things that need to be in place.One that stings a lot of people is the main entrance door.

Heck, I had a pool replastered for $3,700 including chemicals/setup. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I have also utilized owner financing for longer periods of time, including personal residence and 2 barrier island houses on the coast of Florida.  

One thing in real estate and probably most other businesses is that most people including me don't know how to measure and evaluate risks.  

These methods include: Detailed Engineering Cost ApproachDetailed Engineering Cost Estimate ApproachSurvey or Letter ApproachResidual Estimation ApproachSampling or Modeling ApproachExperience or “Rule of Thumb” ApproachIt’s important to understand the differences between the approaches including which one best fits your property and the reliability of each approach.DETAILED ENGINEERING COST APPROACHThis approach compiles the costs from construction and accounting reports to build a report.

The definition of “livable” or “finished” space can be surprisingly specific.In many markets, including here in Arizona, appraisers and agents generally want the space to be finished in a manner consistant with the rest of the home and serviced by a more permanent heating and cooling source.