And if that's the situation with them...then it would be another immediate red flag for me (because I find these types of sponsors always have multiple things I can't stomach).Also there are other sponsors in their asset class that have better fees.

(Finance of America, Civic Financial, a few other players) They raised rates on there 30Y product about two weeks ago.

There have been some big players entering the PM market and a lot more interest in acquisitions of smaller PM operations.

If you can't close fast enough or has too much red tape, then you lose the deal to others.

If you can network and find local players (FB groups, meetups) that could help speed it up

Bay Park / Clairemont / Carlsbad / Oceanside are all top-tier markets that fetch top dollar (see the Yellow & Red).Move your search slightly inland, or further down South and inland, in order to get something done for 1/2 the price, with similar rents (not quite as high, but definitely not 50% less like the purchase price would be)

Are there any potential red flags I should be aware of?

Memphis has a diversified economy, with major players in logistics (FedEx, UPS), healthcare (the Med District), and education (University of Memphis, Rhodes College).

I just paid my attorney 15k today in just fees for 4 entitlement contract red lines and we arnt even under contract yet!  

This is all changing very soon with the construction of the Foulger Pratt's new "WestEnd Alexandria" Landmark mall redevelopment, a new 4 million square foot mixed-use redevelopment, including a new 1.1 million square foot Inova medical center already starting, with completion set for 2028.The development notably won the Red Clay Development of the Year award.On top of the +2,000 healthcare worker jobs the development will immediately bring to the area upon completion, the 120,000 square feet of office space will also bring a large number of jobs to the west end of Alexandria.