I digress from commenting about the budget, it's no secret at this point. Yes, there were a few major points that really didn't add up as far as the story was concerned (high school girls who look at their jock boyfriends and say things like 'no raping and pillaging at tonight's party ... I don't need to tie up another b***h to a tree?) Now you stop all of this capital felony nonsense right now, Mister! lol
Nonetheless, I think that they didn't do a HORRIBLE job putting things together, and you can tell that some of the lapses in logic for the story were casualties of the budget, mostly because they couldn't afford to tell the story I imagine they wanted to. Now, for the WTF items ...
The blood sound effects. I could have found better ones on the internet, or in my kitchen cutting up a chicken. And I don't even make movies.
The general non-reaction of the characters. I know, I touched on this above, but 'Hey ... our friend is dead, and another is missing, but let's party!' or 'I know you just told me that you killed four people, but since you're down there ... ' really seem like a bit of a stretch, and I don't think that budget had much to do with those quantum leaps of rationality.
The absolute absence of law enforcement. Man, if the cops were that oblivious where I live, I'd be bigger than f**king Al Capone right now. One cop broad shows up and asks a couple questions, then figures that she's got it all figured out? Don't we live in a day when we turn on CSI and learn everything in Forensic Pathology in about 22 minutes?
All in all, E for effort. Gotta give them that. But, like all of us learning to walk, we have to fall flat on our face a few times. Let's see if this outfit decides to stand back up and try again ... I'm curious to see how far they get with the next one.