I understand you can buy older water heaters as replacements, but this one would be on its last legs in a few years..4) Found a small patch of mold behind the kitchen sink..been there before and is an immediate red flag. 

@Stephen Jones If that's a short-term hard money loan, then the 5% rate is a big red flag. 100% LTC is offered by a few HMLs, but the 5% rate just doesn't happen with short-term hard money products.

The first 2 can be problematic depending on your area.Also, people who are not detail oriented and try to to self manage can struggle with S8 because there is more red tape and paperwork. 

Not necessarily a red flag, but odd. 

My fine tune BS detector in the red with every realtor I talk to.

How does one protect itself when going into JV, what are the red flags, are there standard profit sharing.Do you think doing JV with someone is the best way to learn on the job?

Is this a red flag.

Does this seem like a deal with too many red flags where only a 75% price concession would make it worth it?

Not only do they make more money, their time is free, they don't have to stress about anything, their properties are better maintained, and their tenants are happier.You should consider starting a thread to explain your experience so others can learn from the mistakes you made or the red flags that could have stopped you from hiring a bad PM.

Brennan Law Firm pre-COVID cost me a case due to a technical error.Stay away, far away, especially with all the COVID red tape that they probably have no clue about.