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

While regulations and guidelines do tend to stay consistent at their root, they do change.

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

The outside drain still has some cast iron pipe with some small tree roots in it and I plan to get a plumber to clean and reline the pipes with that blue stuff.

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

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.  

Instead of chasing success, I focused on crafting a genuine connection with my clients through informative videos and a heartfelt commitment to service.As the seeds of change took root, the fruits of my labor began to blossom.

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.