I've read a-lot about them but wanted to gather more information from persons with experience and/or more expertise.o Are there any major concerns or red flags that i should concern myself with or is this pretty common?

Here's the red flag, (AS IS WHERE IS) is the only option.... just like a foreclosure sale.

I can't imagine a more giant red flag than trying to claim you "live" in WI when you actually work and live in CA. 

@Audrius Pauliukonis, the first red flag is that this property has been on the market and pending sale 4 times since 2015.

When we had a tenant-caused kitchen fire, we filed the claim with our insurance carrier, and they subrogated to the tenant's policy. 

If you see red flags move onto another town. 

The other red flag was a conversation I had with the neighbor on the day of closing when he told me about the tenants.

So while perhaps the instant gratification of an 8% distribution is nice, it comes at a cost in the long term.I network with a group of sophisticated passive investors and this capital inefficiency practice is a red flag and an automatic pass on the offering for every one of them. 

It forces hotel owners and the flags to up their game and it drives the bad operators out of business creating buying opportunities for people like me ;)

That’s definitely a red flag and it doesn’t seem like the one contractor can take on a task that size.