I spent almost all of today researching on this and finally found two articles with opposing opinions on BP (as is the case for the comments on this thread)  that have precipitated a direction for me.

Also read this article: https://www.biggerpockets.com/renewsblog/brrrr-buyrehabrentrefinancerepeatprimer/  Best of luck to you.

Check out my article about the Cons of BRRR.https://www.biggerpockets.com/... this is coming from an Accredited investors POV who used to do turnkey rentals.I personally would not do Remote BRRR as there is just a lot of risk with 1) risk of embezzlement with contractors 2) change orders and 3) bank doing bait and switch doing a lower appraisal and/or LTV on the refinance.This is especially true for high paid professionals or those with a net worth of over $300,000.

The "Cap Rate" approach, in this article calls this approach "income capitalization," is what I believe you are describing.

I’ve seen the same articles you have.

Teddy Truong thanks for the tip brother, I definitely have been told and read articles/blogs on the same thing.

I wrote an article on Bigger Pockets that walks through how I did it.

A BP article on FHA loans (https://www.biggerpockets.com/renewsblog/2015/03/2...) 

My husband and I are looking to buy a second house down in Indy now since his job recently promoted him to area supervisor in that area, and I actually just signed up for this website (Bigger Pockets) from a suggestion I got from this link:http://www.outofstateinvestor.com/market-research-...There might be some useful input in this article for you. 

In addition article 250, which is the most painful read ever, requires that all electrical equipment or non-current carrying equipment that contains energized conductors to be connected to ground.