If so, is it enough to provide two pro formas: one showing the current rent roll and proposed purchase price and one showing the projected rents upon full rehab?

This way you will know if you have a winning project or not before you pay for the appraisal.

Now I’m low on cash but very anxious to start a flip project.

I am an active investor in the area, and I'm hoping to form a relationship with someone interested in working with me repeatedly on numerous similar projects as they come up.Some things to note: I live in California, so must be willing to work with someone remote.

Agree with @Lee Ripma.Rates are better for larger projects.

I always ask myself the question once I am done with the rehab of each project. 

Biggest challenge was I tried to do too much myself, failed a lot, but in the end learned a ton to be better for future projects and still made money.

The path of progress is the “street car” project which runs from downtown to the plaza.

First off as a local investor with extensive knowledge of the area I have no idea if you’re rent projections are right bc you didn’t say number of bed and baths.

That way they can use projected rental income to make the DTI situation look more favorable.