I prefer landlord friendly states which are usually red states.

The biggest downside of an actual 203k loan is the red tape.

And here you and your Red-Star THEIVES pander "boo-hoo" you have less so "gimmie gimmie gimmie"....... 

I understand the overall red tape challenges (starting to dig at the local and state levels to better understand the nuisance of the codes), my question really is modeling the cost model and projecting returns so I can develop investment material to find funding.  

Great red.

Definitely a strong corridor to watch for growth in the Austin MSA.Article link here:https://www.bizjournals.com/austin/news/2021/11/02/bell-district-cedar-park-red-leaf-library.htmlAlternate free article here:https://communityimpact.com/austin/cedar-park-leander/development/2021/10/29/cedar-parks-bell-district-to-start-construction-in-2022/

If you know this market, what are some red flags?

Ideally, if you're close with your contractor I would bring him along to showings to mentally tally a rough estimate of cost together (he may see red flags you don't and vice versa).

I just watched red flags BP video.

Whether you're buying or selling or assigning its important you don't make mistakes and miss important red flags.