Has a big red/green start/stop button and you can add notes.

Is it to have a property up there that you can rent out and then have for yourself when you go to Red Rocks?

These are are always red flags but will often be overlooked by novice investors. 

any red flags etc to check for?

@Eve Favorse the first red flag was the nonrefundable EMD.Would not have even bothered making an offer with the condition.

Live in one unit , rent out other unit and accessory unit, mortgage on the property would be about $6800, rental income would be : $3000 from additional unit , and $1500 from accessory unit and I would be occupying one unit , leaving me at negative $2300 per month .

While there are several reasons why you can be targeted for an IRS audit (including running for an office, it seems), the most common reason is the IRS computer finding enough "red flags" in your numbers. 

The property sold (to me) at the upset sale for $17,000 The Taxes and costs due to the county were about $5,000 leaving funds to payoff the $7,000 lein on the prior owner. 

But for me, it is a big big red flag.

For example if my property sells for 300k I have to pay 6% to realtor which leaves me at 282k.