We are real-estate investors from CA & trying to pick an OOS market with Tulsa (stable economy and future outlook, modest appreciation & reasonable cash-flow).
We heard from family/friends about new construct...

@Koen BallantineI'm not quite sure if you are talking about a house for yourself, or an investment property.  

I’m building my first rental property on a piece of raw land I recently bought under my name. I plan to eventually transfer it into an llc I created once it is rented, and refinanced. Would it still make sense to open...

If you rather keep it as an investment for cash flow then DSCR would be the route to go.  

It Depends.Potentially capital investments in the properties could have accelerated depreciation benefits (carpet, LVT, trim, appliances), while also allowing you to drive higher rents, thus saving on some taxes in the short run while driving increased values. 

I used to run a national mortgage company and had an investment firm in CA working on solely residential property in different locations and the got into multifamily acquisitions starting in 2018. 

Ex: Best inspector to get for section 8 inspection. Best free real estate event you frequent. Sharing is caring yo! 

@Nicolette YorkRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

It's my only investment property purchase and it has cash flowed since day 1, not much appreciation though. 

One is to get a K1 for the full amount of the investment loss.