Red flags mean be cautious and ask more questions - not turn and run.  

You just sort of get "cautiously comfortable"  Sometimes it don't even seem real. 

For example, if they pressure-washed the house, they would need to lay out tarps to catch all the runoff water and pump it into a toilet for disposal.203K—I would simply say to be extra cautious about this and only work with a lender who's done 5-6 of these in the past year.

I'm wondering what I should be most cautious about when drafting this agreement.

While being cautious isn't necessarily a bad thing, especially if you are out of state you as a local can use that to your advantage.

I like everyone's advice on being cautious.  

Be cautious, as desperate people do desperate things.

Again the numbers are great, but still cautious on the neighborhood.  

You make a good point to be cautious when having to accept the previous lease agreement for the occupying tenant.Do you have suggestions on where to look to find interested seller's for duplexes? 

Be very cautious with actions that could be used against you as discrimination.