I know the Calgary market very well and I can't find deals that meet those criteria with realistic rent rates anywhere south of Red Deer right now. 

That was when all the red flags started coming.

What I also enjoy is when people put out articles with contradicting view points and in six months or a year point to the - "see how correct i was", well yeah you placed bets on both red, black and green so you were going to be correct because you bet on all options.

I'm trying to plan this out as well as possible to avoid any issues down the road.I've seen the stories where people run into issues meeting this requirement and get scrutiny from the IRS, to me it seems the two biggest red flags might be when they hire a property manager and also when they rarely go out to the property to work on it themselves, always relying on contractors.

If they are under 600 we consider it a red flag but not an immediate denial.

We're looking at the Red River Gorge area.

Applicants offering to pay a year of rent upfront is a red flag.

If a tenant is asking for rent reduction in normal times, then that's a red flag that you have to find a new tenant.

I would like to learn of any potential red flags in the assumptions but most importantly just go over the deal with a fine-tooth comb to confirm my own understanding of the deal. 

@Arn Cenedella The larger syndications that are raising their funds through smaller check writers is a red flag in my opinion.