Attach sheets to explain anything that might be a red flag.

I guess red and blue state will differ.

This house is pretty much a complete gut so I'm looking for ways to change things up for the better.At the link below, I have two different layouts - the white lines are existing structure and the red lines are what I'm changing (and I cut off the living room on both for a better picture.)  

Not a lawyer here, but if they are refusing to give you tax schedules or copies of actual income/expense reports, that would be a red flag for me.

In general, as a rental this would not meet my minimum deal standards because I purchase for cash flow, and after PITI, capex, vacancy, management, and maintenance this property would be in the red based on the numbers you've given.

The new construction process requires a lot of red tape cutting in the beginning.

Mostly because rental properties aren't painted cherry red with flame decals.

Being in a big hurry can be a red flag if they do not have a bonafide reason.

However there are scammers and thieves out there, so learn how to recognize the red flags early, before they book your property.What I've learned is to have sparse furnishings, periodically take comprehensive photos of the inside and outside, have a place for everything and put everything back in its place between guests, keep an inventory (especially of kitchen items), expect that some items will get damaged or will disappear and plan for that when you establish your pricing, establish a security deposit. 

Bowed walls and leaning chimney are red flags too.Make sure you have a contingency for approval of the inspection report.When the inspection fails (pure guess but likely), you can reduce your offer significantly and walk if the seller is firm on the price.