I haven't researched it much but I tend to see a fair amount of listings for this type of home and am just interested if there are any regulations, rules, red flags I should know about if I decide to pursue this niche.

This is a huge red flag to me, expecially as it appears the seller is also the property manager.

Yes this is a BIG RED FLAG!

He had a HUGE red flag warning and just kept motoring on and now is acting shocked the tenant continued to screw him over

Right from the start I could tell she was passionate about her job and was invested in her clients so that was a green flag for me. 

Then I sent emails directly to Clayton Morris inquiring about a finish date and he responded by voice-male that permits were almost completed and that it should be 4 to 6 weeks and it would be "smooth sailing" as he characterized it.The house was never built, I've paid back-property taxes and fines of over Approx $1200...ongoing yard maintenance costs of anywhere from $40+ up to as much a $225 monthly for a vacant lot just to keep the city off my back with fines...etc..Bottom line is.....After having a nearly perfect credit score and credit record of 25+ years, I will be in Bankruptcy court in May, 2019 because I cannot afford the payback of the credit card funding because there is no house built (cash flow) and there is not a single attorney that I contacted who doesn't want $60,000 (up-Front) because they all say they can't do it on contingency because Clayton has so may law-suits against him already that they feel there will be little (if any) money left after all the litigants already in line have been paid.

Are there any red flags I should be aware of, such as the vacancy expense or NNN costs?

Basically if someone is offering to pay 12 months in advance there are a lot of red flags that go up. 

Other things that are red flags for me: Their bios don't even mention how long they've been managing other people's money. 

I recently had a conversation with my lender and mentioned I would be purchasing a property as my primary residence.  I would live there while fixing it up then renting it out in a year.  She cautioned I need to be ca...