Smoking cigarettes is also quite legal, and also prohibited under the lease.I think your argument on unit count is a red herring here. 

Or a bigger player like those. 

It’s all about finding a balance between purchase price, financing terms, and smart rental management so you’re not forced into the red.

Also, real builders/experienced developers will often have a true technician, i.e. a civil engineer, architect, real estate attorney et al at least glance at the property info to make sure there are no major red flags.

They can introduce you to all the local players you will need like property managers and lenders.Over time, increase your own personal knowledge and development with books, podcasts, and conferences on the topic.But finding a commercial real estate broker with a teacher's heart will go a long way to getting you started.To your success!

If they will not provide pictures of before and after that is a huge RED FLAG.

Qualify the contractor and highlight the benefits of working together which would include consistent work for them and regular paycheck.Personally, I'd buy the materials and never pay any money upfront, a "red flag" on its own.

I think most hosts give 5 stars unless there is a serious issue so even a 4 star is a red flag for me that I would check into. 

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

It would be a big red flag to me if they are doing a lot of volume in this market. https://www.biggerpockets.com/member-blogs/10145/83067-limited-partner-s-guide-to-investing-in-the-right-deal