We have opted for a hybrid approach - LPs who want to pay for access can get an exclusive network, privately discuss operators, privately review and see other LP reviews of sponsors, and discuss "red flag" sponsors. 

That's a red flag that your new PM doesn't know what they are doing.

His family is a major player in the affordable housing market and new developments.

The advantage, however, lies in the flexibility—no income verification, minimal red tape, and more lenient underwriting.

I got un-renewed by my old ins and rejected by almost all ins companies (except for some crazy ones quoting me 10k/year) on my primary house, which is far from any fire zone but I had 2 claims on my 2 rentals (I am a small player so under my name not LLC) in the past 3 years so I got fked. 

All was smooth until the last one, which had red flags I continued to run through.

Are there any red flags that immediately signal a deal might not be worth pursuing, even if the numbers seem solid?

They can signal red flags that might impact your property management.8.

Start by noting the date of the furnace and air conditioning unit—old units may need to be replaced.Some mobile homes were not manufactured to have air conditioners, so it should be a big red flag if you see window air conditioner units.

A big red flag is their job at an apartment property managment company:- What is their job history in this industry?