If the market softens and your fix & flip is suddenly in the red, will it cash flow as a rental or can it become your primary?

If not, id take that as a red/warning flag against it (trust me... been there done that and wouldn't recommend taking the risk without ample time on the ground).

And is a middle aged adult with no credit history a red flag?

Otherwise it is possible for red flags as fraud in some cases in getting a primary residence rate when the intention was to turn it into an investment property/rental right away.

Of course the NC real estate commission will say you  need a license because they will get more money and they love putting up bureaucratic red tape.If you have the owners written permission and get the owner to sign a sublease, that should suffice to legally.

Like a property that hasn't had a chunk of tenants paying for months, finally evicted, and now the landlord is in the red on the mortgage & looking to sell?

@Israa AjamPopulation decline and high unemployment should raise a BIG red flag, way more than high property taxes, or flood zones (which dont really exists in SA like the previous comments stated)

That, to me, by itself is a red flag.

Both would still require you to extensive due diligence and probably hold very similar risks in terms of the potential for the property to be in condition holding many red flags.

Really appreciate the feedback and glad to hear no obvious red flags.