They do give you advice about what to file based on what you listed, but you won't get a red flag or reject if you file something different. 

Any 'regional red flags' of which I should be aware?

Obviously, you'll be well in the red until that happens.If you're really confident in the ARV of $145, it may be worth considering holding them for a short amount of time and then selling them at retail.

It's a yellow flag but not a red flag.

If your reason is "I am trying to buy 10 houses using owner occupied financing over a 10 year period as a way to work around the guidelines and acquire investment properties with 5% down"  then that might raise a few red flags. 

There's an 8 unit in Red Bank on Dayton Blvd that's on the market.  

I just ordered some envelopes, red pens, and yellow pads.

FYI for anyone following along for red flag lessons...

-What percentage of your business is repeat customers (you don't want to work with a turn key company that can't retain clients, this is a red flag)-How are your clients buying (cash, financing, in house financing etc)-Do you have a personal portfolio of rental properties in Memphis?

Trust me if your tenant cant afford renters insurance that should be a huge red flag for his ability to pay cover his rent in general.