In addition, if the appraisal is really bad then contest it and find the comps that justify a higher valuation (I received an $80K adjustment on a really poor appraisal that we so easy to show was poor as the per unit cost on my poor appraisal was far lower than any other per unit comp)The pro forma has to take into account the conservative refi appraisals. 

Also, when you started to purchase out-of-state properties, did you form a team on your own, or did you begin investing out-of-state with a turnkey company.

Network, ask questions, form a strategy, and, oh yea, ask questions! 

California does not recognize series LLCs.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

We will both form a new LLC in Colorado and buy our flip houses in my name or her name.  

So the question I have, if I form a new LLC, will I qualify for a DSCR Loan, or do I need to be "in business" for a while before I can do that?

I plan on doing many more deals in the northern Texas area and it would be awesome to form a relationship/partnership with someone like yourself.

Those questions will help me to form a more educated opinion.

Needs to be able to calculate ramp up of rent rolls, pro forma (12, 24, 36, 48 months forward, standard operating cost per sq ft, etc.

I think if we form a group of OOS investors and all use the same team we will find success.