In October 2008, I built up some flat sections of a roof that were lower than the drains on the sides of the roof.  I used felt and liquid roof coating over tapered plywood.  The product we got was a water borne asphalt.   Because the weather was cool, the felt wrinkled badly and couldn’t even be flattened with nails.  What to do? We had to wait until the hot summer.  The rolls and wrinkles in the felt completely fattened out when the moisture in the asphalt was able to dry out, thus drying the felt out and letting it lay flat.

Tip: If the cheaper water borne asphalt product must be used, do the work during summer’s heat.