First, your methodology above doesn't factor in the amount of time/effort you and your other money partner put into the job.  

As for where to start, I would start by reading the BP forums, listen to BP podcast episodes and check out the beginner's guide here: https://www.biggerpockets.com/real-estate-investin...In my opinion, his methodology is helpful to people who have a lot of consumer debt (credit cards, personal loans, etc), but not all that applicable to real estate investors. 

I was wondering if anyone has any thoughts on searching for a rental in one of these areas and the methodology she should be using to find a place.

They are pitching that this methodology makes my offers "just like cash".

Hey BP,I'm hoping to get some advice from investors who have successfully done a long distance BRRRR.I'm hunting for my first investment property and my goal is to do an out-of-state BRRRR for a single-family home.I read @David Greene's fantastic book, and have been following his methodology step-by-step.I'm currently in the team-building phase to have my boots on the ground. 

Read Multifamily Millions by David Lindahl and follow his methodology of repositioning a value play.  

@Patrick Fraire they are actually pretty close, I wish they would include their methodology though because some people count management and others don't and that can be a big difference.

I think your advice to continue to invest in a careful manner is the most prudent methodology going forward. 

Next you need to consider the other methodologies for coming up with the difference.

I am also well versed in Agile methodologies which I feel is underutilized in the real estate industry and will give me an asset to bring to the table with future partners.