In most markets, there is a cap on tax rise when you own the property, but once it sells, it goes uncapped and you will owe the full tax on the current assessed value.

Appreciate your assessment! 

You bought it as a primary and kept it to start investing, but that doesn't sound like a good investment and HOA can keep going up or there can be assessments and your appreciation is much lower in a condo than a single-family.

Analyze properties using tools like BiggerPockets Rental Property Calculator to assess if a property will cash flow.

And the 30% ratio does not work well in extremely low income area, you need to assess closer to 20 or 25% of income. 

- How do you assess the market and identify red flags?

Not a fan of loan guarantor fees in general.Sponsors track record in these types deals across multiple economic cycles (when I see these types of deals, I mean acquiring new construction multifamily in the area)I am sure if I saw the deck, I would have at least a dozen more questions.  

Qualifying the BuyerCreditworthiness: Just like a bank, you should assess the buyer's creditworthiness.

Buyers are a dime a dozen, especially when you’re marketing a great deal.

Also remember with condos cashflow can be a moving target a special assessment can come along and constrict your cashflow without notice