Yes I am very picky when it comes to ICOs and I look for red flags such as:
Unusually High Token Allocation Given to the Team
The team generally takes around 20% of the total token supply allocation. Amounts higher than this should be scrutinized carefully. Keep in mind that individuals are looking to gain personally.
No Specific Detail on How ICO Funds will be Spent.
The Importance of asking the question how the fund will be spent and what the company is planning to do after they have rised the capital.
Longer than Usual Roadmap
I make sure to actually check the roadmap out to see if it looks feasible or not.
Unusually High Amount of Reserves
A good use of reserves occurs when an ICO wants to make sure funds aren’t spent too early in the roadmap. If a project ends up being successful, the team wants to make sure there’s capital available to expand in the future. But if there’s no explanation for how the reserves will be spent, or who controls them, it’s a red flag.
Same Advisors as Other Projects
If I start seeing the same advisors on multiple ICOs that aren't related that could be a red flag