Everyone has a number and this number can be directly related to were you live I find. 

Even you got hung up on the HELOC red herring.

On paper we were slightly in the red but much of that is due to one-year expenses/repairs & allowable transportation costs to get up to the property for work days ourselves. 

I'm a REI newbie, but just from a personal finance point of view $500k income + "Wouldn't mind becoming a millionaire from this as well...." is a red flag.

He was soooo deep in the red ON PAPER, and didn't know what to do.

Any GC that does not work like this is a huge Red Flag and you should run away.2) Also any experienced GC should have theur own state-legal contract that spells out terms clearly and protects both of you.

They're definitely ahead of the curve, but Northwest Arkansas has very little red-tape when it comes to building.

Red tape with trying to get the HOA board to approve repairs.

Red Snapper, grouper, barracuda for USD $4 per pound. 

Because that can be a red flag.