This is a red flag.

I am using a property manager and that costs 8% and I use 5% of rent as reapir reserve - this takes me deep in the red.

Absolutely not, but every investor should see the red flags and consider their alternatives before moving forward. 

One bad incident can wipe out your profits and put you in the red, and from the sounds of it, you're not going to have property appreciation to fall back on.I hope this gives you something to consider!

I wanted to reach out for some help about a potential red flag.  

Great job on your first flip and for not being in the red. $15k profit and a great experience sounds like a win to me!

I understand much of the red tape associated with new construction first hand from building my own home, but blame much of it on a very incompetent builder.Thanks!

This is one that intrigued me, though I totally agree there are some red flags.  

In instances where a buyer wishes to use HUD financing (which does the loans directly, rather than going through FHA, in most cases), the buyer is almost always forced to use a "bridge" loan or close all cash at closing and then put the HUD loan on later in the process.Sitting on the other side of the table -- yes, I would want more money for the headache of dealing with FHA red tape, too.

To me it would be a red flag of other potential problems.