I don’t have multi-res experience in DFW, but I have owned multiple rental sfr’s there from prior to the gfc.In this business, especially now, you may need to kiss a lot of frogs to find your prince/princess, or turn over a lot of rocks, or any other metaphors that you like.

Most lenders will require you to have completed prior flips if you want to do the renovations yourself.

Again I apologize and that's frustrating if it was not made 100% clear why current facts and prior returns are a big piece of understanding how to best help a potential client.

Prior to purchasing an investment property, is it fair to ask to interview the current tenants in place as part of the due diligence? 

I know we will need a renter prior to doing a cash out refinance and we will have to determine the seasoning period of our lender, but going off of 6 months at this point for simplicity.

I'd also highly recommend getting an appraisal or at least having your real estate agent provide a BPO prior to negotiating with any "investors". 

Prior to jumping ship you should look into what you paid for your California properties, what they are worth today and calculate your monthly income from appreciation.

I see you just started investing in Los Angeles, did you have prior experience flipping before these two houses?

I think it should definitely be done prior to the tenant moving in though to avoid a potentially problematic situation.

I am basically just a Lead finder.... and the only thing I know is how to do those simple steps because that was all I was instructed to do and learn.