What are some minimum criteria and also red flags?

Too many red flags!

Those rents are a red flag.

(or ask a good agent who knows all the players) Banks are very different, loan officers are very different.

For rentals I look mostly at cap rate as that to me is the best apples to apples comparison, I know what the big players look for in the area and can gain some knowledge from there. 

I currently do not hold "employment" with the contracting company and am a professional poker player who does not report much verifiable income.

I live and have a couple rentals in Red Deer/ Sylvan Lake.  

The red line is the peak $171/SF price adjusted for inflation.

Cleveland, OhioCincinnati, OhioDayton, OhioToledo, OhioYoungstown, OhioCincinnati, OhioMemphis, TennesseeBirmingham, AlabamaKansas City, MissouriSaint Louis, MissouriIndianapolis, IndianaDetroit, MichiganErie, PennsylvaniaLouisville, KentuckyMilwaukee, WisconsinJackson, MississippiMany of these markets are very well represented by sellers & turnkey operators here on BiggerPockets so it'll be pretty easy for you to see who the major players in each market are in no time.

We cannot really do traditional financing in my opinoin because the property will not appraise in current condition at 150k (red flag).