I do a lot of private lending and we do make some passive interest, but the good fixing flippers make the bulk of the money.

I mainly want to ask if these assumptions are reasonable and if there's anything I haven't considered:(1) multifamily units in NJ close to New York City, ~$1,000,000, 20% down payment, (2) Using the following assumptions: 4% appreciation rate, 6.5% interest rate and 5.0% refinance after 5 years, $10,000 yearly maintenance fee(3) ~$6,000 monthly rental and assume 3% increase yearly with 5% vacancy rate(4) Based on the above, the calculated IRR if selling at the 10th year is ~19% (considering tax benefits) and ~17% (without tax benefits).

No need to invest out of state, when you are in one of the best places in the world to invest in real estate. 

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

Be certain that the municipality does not have restrictions, not just the HOA. 

Recommend you have a great understanding of the answers to these questions before thinking about a lawsuit.You'll also want to use these questions as discussion points with any new PMC you interview.If you post the address, everyone here will be able to give you more feedback about the quality of the listing and perhaps more insights.

How do you approach educating people on the realities of the business? 

The person worked for H&R Block, now works for TurboTax Live and is being honest about their skills: NOT QUALIFIED.

Even with PropStream and PropertyRadar, I'm usually not the first to reach out upon seeing the lead.

I would only use the heloc if you plan on cashout refinancing one of the properties to pay it off once the rehab is complete.