Quote from @Todd Goedeke: @Carlos Ptriawan an additional question is why Bigger Pockets does not print more posts about how to analyze syndications and the red flags involved.To be fair, BiggerPockets published an entire book on this very topic.  

Who will do that red tape, plus any local tax prep for each shell, as well as any State required forms and fees (ie.

Investigating Days on Market:When you see homes sitting on the market for 60+ days, it does raise a red flag, but it doesn’t necessarily mean rental demand is low.

Would this raise any flags?

That company supports foreclose bidders they produce a document daily on all the sales with same info I mentioned above and color coded certain props with extra caution Red or Green for ready to go bid with confidence. although this created uber competition. 

If there is no problem then the HELOC will provide more flexibility since the cash out re-fi may yield more proceeds after improvements when applying the 70 or 80% LTV limit whereas you might get improvement proceeds from an investment loan but you won't want to because there will be a lot of red tape, inspections, draws, lien waiver compliance and a lot of other crap they load onto improvement loans on investment property.

There is so many "red-flags" here I am not sure where to start..... - you state it's an "executive" townhouse.

I’ve seen people hit a wall with red tape when trying to remove secondary kitchens or bathrooms.Finally, make sure the math works out.

I saw their rating go down and should have taken that as a red-flag.

Google LLC announced Aug. 15 plans to invest more than $1 billion in Texas this year, its latest strategic goal focused on supporting cloud and data center infrastructure.Some of that investment will go directly into the technology giant’s data center campuses in Red Oak and Midlothian, both south of Dallas, which are helping the company meet the increasing demand for cloud and artificial intelligence services.