I can find lots of opportunities for $100k houses in Florida, New Mexico, Texas and other southern red states with low regulations and lots of sun and heat. 

This refinance will get me out of the red.

The bigger brands have lots of red tape and processes they follow.

So things that are a red flag for me may be fine for someone more aggressive.

Secondly, is this a huge red flag?

In Indianapolis, assets along/close to the new Red Line, in Carmel and in Greenwood are on my radar.

Thats a huge red flag that you are going to waste someones time.

It could just be that the assessor in my market is very conservative in his valuations, but it seems like a red flag if homes are being listed and selling at up to twice his *recent* appraised value.At least homeowners here are getting great tax rates! 

If however you are looking for something that is completely passive, start doing some research about who is a player with a successful track record that you can feel comfortable working with.

I'm not crazy about how long it takes to go through all the red tape to get a Section 8 tenant with an active voucher in the door.