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.

Some people seem to get locked in to one place they find, or a place a friend or family member is selling without really evaluating the available market.In a small town in East Texas I would think your biggest risk is a big player coming to town that can absolutely crush a smaller player. 

BP has built a great selection, all of them worth reading and that will help you build foundational knowledge.To answer this one: the words from old school investor Dolf De Roos "seldom sell" and you will find a lot of post on BP from people who regret selling properties in the past.

I mentor several people, mostly those who are just starting out.  

As a sidenote I see people doing this and jacking up the price of the home to seller finance to above market value - if you do this you better be VERY clear with your investors that you are writing a $300k loan on a $250k property as if you do not you can get in some serious hot water later on down the line when doing valuations of the company. 

Since conversion to Roth creates a one-time tax hit, it should be carefully planned.

What other people get is immaterial to your decision.

I know so many people who have been ripped off by contractors.  

You need to connect with people, form trust relationships, learn from others in your area and you'll be surprised how opportunities open up. 

There are a ton of tools and resources that not a lot of people know so doing some YT watching and their training helps immensely. also, happy to answer any questions you might have on set up / operations.