I outsourced the actual programming roles to a small company in India for my 
last start up while doing the architecture etc in-house. It worked very well 
and came in well under my budget. Definitely worth looking into but everything 
going back and forth should be well documented. Your situation is slightly 
different (outsourcing the entire process) but it does work if you can find a 
great local company. 

Hope this helps.

Cheers

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