Thank you, that's about all i could find on the interwebs too, i think i figured it out, i took the top of the body with the GPS sensor in it and connected it to the main board in my other Q500, that drone started doing the same thing so I've narrowed it down to the GPS sensor, that and i have two bad ESCs.1. Bad, but happens.
2. Yes, I did the same.
3. This was the reason why my Q500 droped from the sky. ESC burnt in 60m height. Mr. Newton ruled...
4. A lot of soldering but so far not a problem. But you MUST do ECD ID assignment after that. It means to tell the Flight Controller what ESC is located where. This may be fail when one ESC is missing. I did never test this.
5. Bad. The only thing may be the LED plug and the GPS plug are changed. Those are the only one that fits in both connectors. See my (only one, no better available) picture.
6. Create a new model and try to bind. Is the receiver connected?
7. Flashing red and 5 beeps is caused by missing GPS chip.
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I hope it helps a little bit.