The main issues I'm running into are: Too high of a D-to-I ratio and being out-of-state.

My main concern is the wooden paneling being used for the walls.

The main benefit of the LLC for rentals is the asset protection.

What sort of elements should be included in an online application if I were to create my own via Google Forms? 

The main downside of CA is that it's a high barrier to entry for real estate, whereas other midwestern or southern states would allow you to acquire property while you're in school.

But Sadly, In all this property prices have gone up insanely leaving common buyer in lurch.To my question;Mainly, trying to understand; what type of numbers matter a lot for back of the napkin proforma when as a developer you evaluate any plot which is brought to your attention.

So there's two elements I would suggest to focus on here:CostsResponsivenessCosts you can compare by analyzing the "lender fees" on a "loan summary" or "loan estimate". 

It is the main reason for those outdoor showers. 

Obviously licensed is main thing, bonded even better, viewing their portfolio, asking if they specialize in rehabs etc.

I received a lot of "No's" before I found a group that said "Yes" to that element.