For example, there's a couple of homes in a nice middle to upper middle class neighborhood near Watauga that are going for about $180,000. .15 acres with about 2,300 square feet.I'm not sure where to begin to evaluate those properties to determine if they would be a good rental investment or not.

Single family home 1100 Square Feet 3/2/2 - 2006 built for sale by seller on the MLS - need no repair for $79000.

Virtually no student loan.I currently work as a painter in a local painting company for my 9-5I attended a $50 weekend workshop this past february and saw a lot of red flags despite not really knowing much about real estate.

Should this be a red flag about me entering this industry?

To me that's a red flag that it was just some broker possibly and the loan may or may not have the ability to really come through.  

I could build a 4,500 square foot building.

I have done it many many times to sell my OREO... its no big red flag.MH fall under the safe act so one needs to just check with the state where the property is located and then worse case scenario find a MLO to run the paper work for you and make sure its a qaualifited mortgage  ( just a term)

That's such a massive red flag that not even all the red color in Jupiter could color a red flag that would be big enough.

I assumed a vacancy every two years.My capital reserves are figured at $.67 per square foot of house per year.Hope this helps.Bill

In some states (red)  it is much easier to evict than a blue state.