And, if the sponsor is reluctant to connect any existing investors with you, then that is probably a red flag. 

Below is a graph of Medium Prices Per Square Foot in DFW area.

Repairs were 10 cents a square foot per month for $240/mo. 

Through Oakwood homes, I am looking at about $370k for 2800 square foot,4b/3b and unfinished basement.

When running the numbers on this property it is listed as a 2/1 with over 1,100 square feet so i know we can create an other bedroom during the rehab converting this into a 3/1 the comps i have ran actually valued this home at around 150k-160k (two property's sold at 160k in the last 6 months)  i was being ultra conservative on the 135k ARV running this report.So 15k return is my worse case. i am wanting to make it a habit to be conservative with my numbers.

This always raises a red flag.

What questions can we ask them to uncover any red flags?

If you post all of your numbers, we'll take a look.The price to "potential" rent is a big red flag.

:video of the interior: walk throughIf it were mine, for a SFH rental (on the cheap) paint the walls of the whole unit grey, the trim and door white, replace the door handles with satin ones, and do the floor in grey LVP self stick squares. 

My question is when doing an analysis on a property, for example the four square method, do i use the initial price of the property?