I’m trying to build a 'red flag' list for when I start doing walkthroughs.

The goal here isn’t to vent (although those stories are welcome), but to collect real lessons from projects that didn’t go as planned so newer and experienced investors alike can learn what red flags to watch for before starting a deal.Looking forward to hearing everyone’s stories — sometimes the best education in this business comes from the projects that humbled us.

Our understanding is that if we remove those un-permitted structures, we will be able to lift the red tag.

Has anyone worked with or invested with them before? How was the experience?

I’ve been spending more time breaking down deals lately — especially larger multifamily and development opportunities — and I keep running into the same issue:Most deals are presented in their best-case scenario.When you actually dig into:Rent compsConstruction budgetsFinancing assumptionsExit projectionsYou start to see where things may not hold.I’ve been building out my own framework to review deals more objectively before capital gets committed, and it’s been eye-opening how small changes in assumptions can completely shift the outcome.Curious how others here approach this:What are the biggest red flags you look for when analyzing a deal?

Red River Gorge. 

When evaluating HOA properties, what red flags do you look for (special assessments, reserves, rental caps)?

Evan nailed the red flags.

Combining paid education and investing directly with them has some red flags for me. 

Conversely, what are some red flags that make you stay away?