Splitting your property into allocation methodology will not hold up for any audit. 

Fitch's methodology is very opaque, as you found.

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.