If you get a red card, you can not proceed.

Picture this: You’re driving with your family on a beautiful, warm Sunday afternoon.

Was it on yellow paper with red ink?

This is my first purchase (don't want to do anything stupid) and the rents could swing 600/month depending on what I'm allowed to do in the basement - I'd be in the red from a cashflow perspective if I can't duplex them.Am I rolling the dice here / do you not typically find out for sure until you close and begin renovations?  

Being able to pick their brains is always helpful, both their successes, red flags, war stories, etc.And as Jonathan mentioned, the very first step of actually taking action is knowing how much money you have to allocate to buying a property, fixing up a property (if needed) and how much a bank will lend to you.  

Also, if you have worked with house movers, any advice on things I should avoid or red flags with these guys?  

A beautiful, redeveloped apartment complex that is affordable to the community with A+ finishes

Beautiful!

With all the money they had made from the show they bought a few city blocks in the heart of the neglected downtown of Waco, applied their renovation magic to it, and quickly built a beautiful Magnolia campus in the heart of the city.

Any additional due diligence questions or red flags I should look out for. since its my first time to invest in multifamily3.