I've noticed that almost all the properties look the same with deep reds and golds when light and bright interiors is what's popular now. 

A building inspector will throw big red flags to a potential buyer about plumbing and electrical are you might end up doing a lot more than the cosmetic changes you'e talking about.  

Many markets are currently not red but white hot and will experience a correction some time in the near future.

I own a condo in Tampa which, if I could AirBnB it would make me great cash flow, unfortunately, I am locked into a minimum 6-month rental cycle, which pushes the property into the red (also due to the incremental hikes on the HOA fees). 

The same enrolled agent also suggests that opening a 'property management' business should allow the deduction of the overhead 'cleanly', but frankly creating a Sch C business with only overhead expenses to support Sch E activities seems to be 1) a HUGE RED FLAG as there is NO INCOME to the business created, and only expenses incurred over SCH E activities only.

I invest in Redding, CA 

Well, of course I wouldn't bet my money on red, but I am considering investing more of a science, not mere luck.

Try violating the rules when you get behind the wheel and run a red light... you will get a ticket in the best case scenario or get killed (or kill someone else) in the worse case... 

There are enough red flags on this one for me to walk away and find the next great deal. 

Costco Visa, Discover and Target Red.