Depending on ARV, you'd want to make sure you can hit a $75-$100k loan amount for the refinance, so you'd take 75% of the ARV and see where you land.

Does not matter where the LLC is formed and registered.Why do you say that you "need to" put it into an LLC? 

I also passed on regular 1031 exchanges because you’re either transacting in an up market, where you often settle for lesser properties so you can complete your exchange, or you’re selling in a down market where your initial sale is compromised.

Take a listen to BP Podcast #83 where I share some of our landlording strategies and tips.

For anyone who has experience flipping out of state - where do you start?

But if LLCs are cheap, like in CO, then we have a holding company own a gaggle of LLCs where each rental is owned by an LLC.The fix and flip is kept completely separate... like way way away from the rental activities.Don't put your rentals into your fix and flip LLC either.

Also seen the opposite where decent lot, decent price, looked clean, but when I got there must have been $100,000 in cleanup needed with all kind of trash and junk on that lot.I've never been to Harris county auction, but from what I understand they have multiple auctions and maybe even different locations depending on the precinct, so know where to go if you can.At one time there was a lady that would offer orientations at Harris county maybe 1 hour before the auction starts.When you are ready to bid, know how to pay. 

If I am correct, does anyone know where this is in the IRS code? 

Where are they located?

a) You should say where you are if you want specific advice.b) The only work-around you'll get if you sneak around any Planning Dept is a hefty fine (in my experience)