In addition to refinancing, DSCR loans, and cash-out options, we now provide our services for all property types, not just those from NetWorth.

I was able to rent the property by room and it cash flows about $200/month so far.

They just get paid cash , no taxes taken out .

Just wanted to mention that the cash out refinance funds are not tax free forever.

Additionally, the fact you might be negative cash flow in Texas will give you more flexibility by renting in Portland.  

Contrary to most business lending, the REI industry has a lot of "non-bank" lenders that provide attractive loans that can lower your cost of capital and improve your profit/cash flow. 

I was looking there myself and curious what areas you would choose for a mix of cash flow and appreciation? 

I'm doing this exact thing right now- I've been pleasantly surprised by how many people in my network have resources, cash and interest in something like this. 

Cap Rate, Cash On Cash Return, then IRR. 

What the investor will have is a long term appreciating asset; that will provide an increasing cash flow as rental rates increase, and steady amortization as the note is paid down.