If you're newer and sending your proforma to a lender and they see 0% bad debt, vacancy, loss-to-lease, etc, you are going to be giving off some red flags - it's an aggressive assumption to assume 0% vacancy for an entire year. 

As a real estate agent, are there any red flags I should be looking out for when finding prospective buyers?

@Jeff S.Is it one zone for the whole place?

Texas counties have no zoning.  

Purchase price: $475,000 Cash invested: $475,000 35 Acres of rural zoned flat farmland.

Most duplex zoning in my area is for 2-4 units anyway.

That would raise some red flags.

What should I know about wholesaling homes that's in flood zones.

Look at zoning either online or at the City or County courthouselook up both the Zoning Map and get a copy, if one exists of a Zoningtemplate, which explains what each zone permits and may allow under aSpecial use or Condition permit.B.

Let them know there was a fire, the kitchen is destroyed and they will most likely "red tag/condemn" the unit.