Affordable housing is RED-hot at this time, especially if it's decent 3br+ housing sub $2k.   

There was quite a bit of unused land and the zoning gave me some flexibility if I wanted to expand various aspects of the property.Also the self storage units were all below market rent and the seller was willing to finance at a decent rate with a 5 year balloon.

I’m surprised that in itself isn’t viewed as a red flag. 

It is a matter of getting out of your comfort zone a little bit but not so much that you will burn out or lose sleep.

As a college student landlord you may have interaction with parents & if they find you unprofessional that may raise red flags, but if you have your s**t together you can ease those concerns.I am a big fan of college rentals.

. $1500- $960 + $200 IS $340Cash in your pocket after everything roughly $1500-$1160-$340 which is not bad for a 100% financed deal(INFINITE RETURNS)Now, If you ran this analysis on a 1% deal as @Nicholas L. mentioned you will undoubtably end up in the red each month.All the best!!!

On the other hand if they are a sponsor that is experienced in stopping a skin in the game, that's a huge red flag for me.c) how open to scrutiny are they?

(and be able to buy themselves a new Porsche with the proceeds)Just more Red Tape!

Get out of your comfort zone.

That would be the key element + no rental restrictions Ramsey,Do not forget there are a ton of REI properties in areas not close to the beach or in a flood zone in Florida.