I see absurd maintenance/cap ex numbers from a majority of RE investors (even those with modest experience).  

My building also puts a cap limit of 30% for properties that can be rented out.

The 50% LTV restriction was an older rule back 5 years in 2016, now in 2021 if you were to do a SUB2 and wanted to refinance then you'd be allowed to do a rate term refinance 1 day after you purchase your property via SUB2 or cash out after 6 months on title up to the LTV caps that your occupancy allows (investment, 2nd home, or primary).The issues comes when you try to complete the refinance and the underwriter typically wants 12 months of mortgage ratings (payment history) on all mortgages on your name or on the property you're trying to refinance.

You're missing one factor: That you can sell your property and probably not pay capital gains since you've lived in the property for 2 our of the last 5 years.I'd split, sell and take the money (or most of it) cap gains free.

If scaling is your priority I would be open to location, buy on cap rate, and use the 5% down program to move every year. 

Oregon has capped rent increases at 7% + CPI (10%) max for future reference as well. 

In BC, we have caps on rent increases and they are usually well below 5%. 

I'm wondering what cap rate, COC return, IRR, etc I should try to get.Thanks.

You will have basically no cap ex or maintenance expense and will be able to raise rents by the time any of these expenses start.

does HOA have adequate funding for this and other cap ex items.