What are write-offs that raise red flags? 

Most DSTs have a disposition fee on the back end that they only receive after they've returned original capital, giving them an incentive to do so.Work with a group that has experience with the sponsors and knows what potential red flags to look for in each offering so you might mitigate potential risks.

I don't want to put a lot of time into scheduling the estimates if there's a big red flag with the house (money pit). 

Learn from red flags and screening processes going forward (if anything makes more sense in hindsight). 

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Or the kitchen cabinets bright red?

Its since sold and whomever is rehabbing it is making it look really nice, but I seriously wonder WTF was going on in that one "dark red" bedroom, like there was a cigarette smoking competition going on for the last 10 years. 

If something appraises less than half the price that you are paying for it that is a real red flag.Nonetheless this is a rough situation. 

What are some red flags to watch for when interviewing Property Managers?

That's the red flag for me.