What is far more important is the skillls to see cause and effect.  

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

Quote from @Tracy Thielman: For active flippers, which causes more issues: unexpected rehab costs or poor financing structure?

Some jobs require a minimum credit score, and not paying rent on schedule may cause them to lose their jobs.

If you’ve evaluated them, what specifically caused you to pass (overlap with PMS, cleaner SOPs, insurance redundancy, etc.)?

Yes, a problem can and will likely cause a negative cash flow.

In practice, a few things tend to cause problems later:* Earnest money going hard before the true approval path is clear* Entitlement periods that don’t align with realistic review timelines* Assumptions that discretionary steps will be “routine” or fast* Pricing anchored to a future unit count that hasn’t been de-risked yetNone of these automatically make a deal bad.

Those cheap midwest Ohio or Indiana are selling 400% higher then 10 years ago with the same junk tenants that cause costly turnovers. 

Most asbestos harm came from mining the product for years or installing it for years in a poorly ventilated area like in ships. 

Las Vegas is a pro-landlord city, so tenants know that if they cause damage, they'll pay for it.