Depending on the situation, you should have millions available to you before you start, also keep an eye on  timeframes that drag on, govt. red tape, small minded politicians, as accruing interest can slowly kill you and if you're not prepared for lots of hurdles developing land  will take you down if not planned for.      

Most of them were just eeking out a small cash flow, and one was even slightly in the red for some reason (I could see the income had been slowly decreasing each year since 2011).  

Hard money is simple, can close quick and lots of less red tape, but comes at an extreme premium in rates.

I'm sure there are things that raise red flags.

I'm simply stating, in a red hot sellers market, the majority of the inventory will be undesirable and it's up to you to educate yourself and cherry pick based on your individual goals.  

I am in Brooklyn NY, the market in this area is red hot, and I don't know how many good deals there are.

Is this a red flag??

Eager to work with someone reputable who can get things moving without a lot of hassle and red-tape (I hear some people have horror stories with these types of loans).

I know there's a lot of red tape that comes with this.

Obviously I haven't done a walk through or inspection of the property yet, but is there anything else I'm missing that could be a red flag to look for before I pull the trigger?