It's expected and common for MTRs to have utilities included.

A property manager not requiring this raises serious red flags.

You can still build two separate homes on the same lot, offering investment flexibility.The streamlined approval process is a huge advantage, cutting out the red tape of lengthy public hearings.

If so, is there any red flags such as rental restrictions, limitations, etc.

I've been on the western slope for over 30 yrs.I built my primary, its; Slab on grade, stucco, concrete roof, painted with E-84n roof soffits and tailings fire caulk (anti-ember) vulcan fire vents, 4 car wide concrete driveway, extra large house numbers, red 3/4" hoses on reals @every corner, completely denuded of vegetation 100ft.

Avoid any self-help eviction tactics like changing locks.Maintenance: As a landlord, you’re responsible for ensuring the property meets basic health and safety standards, including working plumbing, heating, and electrical systems.Inspections: While there are no mandatory inspections required before renting, your property should comply with building codes.

You can't rent out a PO box and live there.And yea that sounds like a huge red flag to me. 

The red flags of managing from a distance and hiring a property manager are legitimate concerns that make it more challenging.

Red flag. 

@Brittney Yang first red flag is it doesn’t sound like he’s that interested in long term holds but the primary reason for partnership is expertise in renovation and secondary reason is balance sheet and income to help get financing.Regarding reason one, I would offer to compensate him for his time in assisting you and have a very clear scope of what that responsibility is.