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?

By and large, QI's have very high ethical standards, and are sometimes overlooked as the engines of this tax saving tactic.]REPUTATION MARKERS 📊INDUSTRY STANDINGMembership in professional organizationsLeadership roles in FEAEducational contributions to the industryRelationships with major title companiesCLIENT RELATIONSHIPS 👥Testimonials from CPAs and attorneysReferences from title companiesLong-term client relationshipsTransparent fee structuresRELATIONSHIP RED FLAGS 🚩Overly familiar with your realtor/brokerKickback arrangements (illegal!)

You looked past a red flag right at the outset:"When application was made tenant was I am not going to to have my puppy with me so do not need pet fee or application"Total red flag.

As Red Green says “We’re pulling for you…”

Only caution is if they don’t have checkbook control and there’s a time crunch going through the custodian can cause delays and red tape to deal with.  

This could definitely be a red flag, but we would need to know more beforehand.

Thats when I saw the $450K asset management fees, even though the fund is $450K in the red.

To me, this is a red flag.

You'd be better off of in Little Rock.

That says huge red flag to me.