These are the two hot zones with elevated rents due to their proximity to ASU Tempe.

- What zoning is desirable? 

I have them all replaced. 2. curtains/drapes are stained with food and whatever red, purple color. 3.

Usually I have learned that paying an upfront fee to lenders is a big red flag - so what's the deal here? 

Land banking in the path of renewable energy projects could definitely pay off, especially if you choose parcels with the right zoning and infrastructure in place.While my focus has been more on the East Coast, I’d love to hear how things are shaping up in Kern County.

The second issue will be getting the zoning changed from single-family to multifamily.

Whether intent is there or not, you will be accused of redlining if you spin "red yellow green" or similar color coded market maps to identify places to invest or move.  

I was out of my comfort zone at the time but I didn't over-leverage myself or capital.

There were some red flags during the acquisition process but their PM team has proven to be flat out mediocre. 

While a low fund isn't an automatic red flag, it's definitely something to look deeper into.