Its next to excel right of way with huge towers. 

Here are the details...NOI 48KMortgage Payment: 3.5K x 12 = 42KLoan Interest = ~30kRental Expenses = 11kDepreciation = 32.7kGiven a cash flow a 6k a year and then minus (30k + 11k + 32.7k)... it looks to me like I would be almost 67.7k in the red the first year from a tax perspective.

Think outside the box to find out if they match their profile and if there are red flags, you will be better off to walk away than to get scammed.

But being a part time agent will be much more liklier to be in the red than in the black.

What do you look for as early "green lights" and "red flags" when analyzing properties for the BRRR strategy?

You might want to interview Kevin Schaben of Red Key Realty.

I don’t know those markets like I know the Merced market, but the Merced market is RED HOT.  

I believe you can get 15% down, but not sure though.Homestyle vs HMLHomestyle will take longer to close, 30days, probably more since it is more involved than a traditional loan. contractors may have to do paperwork and be approved lender.Interest will be much cheaper than hard money, closing costs will be less but much more red tape.A HML can hypothetically give you 100% financing on purchase and rehab, but more likely 10% to 20% downpayment from you is realistic.They will usually close in a week or so. you probably will just need to submit your rehab plans to lenders.

Is this a red flag or something that is common? 

My question is what do you all identify as red flags and green lights to help point you in either direction?