How did you know it was a deal (what signs sent up red flags on the current property manager, what did you look for)? 

I was feeling some red flags with wanting to draw things up without my input.

I've been assuming this is an investor cashing in on equity captured through purchasing in 2009-2011 but leaving meat on the bone for another investor.

I think the data also seems to suggest that point number one of yours - "Spend FAR less than you earn" - is the real driver of wealth for the richest Americans:It still seems to me at this time that preserving, then increasing, your income and investment returns - savings first - is the fastest way for almost everyone to grow their wealth.

Too much red tape and too many hoops to jump through.

That raises a red flag , unless he has a relative or won the lottery , I'd pass and hire a realtor to assist me. 

If there are red flags on your proof of funds and the other agents or sellers don't know who you are, then even though your bid may be slightly higher or very similar they may take the perceived "lower risk" option. 

I've yet to need to do this so the red flags are up.  

." - I found this surprising as well, but my lawyer said there were no red flags.Also regarding the contract:"The general Real Estate taxes95 shall be prorated as of the date of Closing based on \CSSgo of the most recent ascertainable full year tax bill.

You could potentially partner with someone using that skill as part of your contribution towards the project.BTW if you're interested, we're having a meeting in Red Bank on Thursday for local investors (Monmouth County).