There are a several red flags here.  

This tenant has shown you several red flags that they are not financially responsible.

There should be very little excitement in it, very little that's particularly inspiring and boldly decisive.

The deal was listed under contract in Loopnet, when we met the Clemons Group agent Richard Redding.

If you want less red tape, easier underwriting (more on the project), etc., then you'll want to go with private money or someone you know (if that's an option). 

My realtor was like, (Paraphrased) “Dang, that’s a bold move for your first property, but I like it.”This morning at 7:00am he called me and stated offer was accepted, amongst many offers he had!

@Rob Duhon I am very much newbie and I also purchased my first rental earlier this year in Red Oak, TX. 

Also, the "other income" making up 20% of your gross is a red flag.

Is this a big red flag? 

When investing in a property, what types of things do you consider red flags that lead you to avoid that property?