That doesn't make sense.If you think about it, the more you have to offer in the Partnership, the more you should be picky in choosing your Partner.When you bring a lot to the Table and demand every Partner have skin in the game and meet a high qualification, that should mitigate getting into a bad Partnership.Another way to think of this is to understand how large Corporation chooses their Board Members. 

It looks like I can come into some RevWood Plus that apparantly has a better locking, waterproof and scratch proof surface that looks like wood and is a laminate at a good price out here.

They were able to clean up all of the stuff that was able to be vacuumed but now there is still a decent amount of paint damage to the carpet and other surfaces only in the areas they were doing touch ups.

I see my 'skin in the game' as the money I'm putting into the rehabs, but I don't think that will do

Maybe you need some skin in the game to get you to take action.

I'm trying to find a good method for a quick, surface level assessment to determine if a property is worth further analyzing - One that is adjusted for the Dallas market. 

If you are gonna go out of state, do yourself a favor: either purchase at least class B properties that are above the median house price (not sub $100k properties) or find a boots on the ground partner (who ideally runs a property management company) and give them part ownership in exchange for managing your properties so they have skin in the game.

There is more than one way to skin a cat.If you have a long term outlook (which you should at your age), it is pretty tough to beat appreciation numbers in Los Angeles.

My big concern is that there might be more, additonal code violations that which may surface causing a bigger can of worms.

Uh,...it most certainly can lose money...mostly when on the surface it appears to be making money.Face value may rise quickly, but that doesn't mean actual value does.