Study the market.

One strategy is to pursue properties (in your preferred markets) that have been listed for sale for over 90 days (even longer is better).

Im not expert but Ive took out a heloc and dragged on going on my advise and it suckedHi @Mario Morales, There are 2 things I would pay attention to in the scenario you describe. (1) Most cash out loans are limited to 75% -80% LTV meaning you wouldn't be able to get all of your cash back out. (2) The interest rates I see in the market are closer than what you've listed.

Most land bank properties, Detroit or Wayne County, are trainwrecks and cost more to rehab than they are worth - unless the market keeps improving.Be careful on the next one, but keep improving Detroit!

Every where you turn there are STRs going up on the market fully furnished because they couldn't pay the mortgage and bills with the rental income. 

I'm going to be taking some time to get to know people in my market as I kind of want to start local in Las Vegas.

Fairmont is a good little market!

My thinking is I can not as it probably works as I does in the stock market with my IRA.

Or do I look into a market like Las Cruces, NM, or Lubbock, TX, as an example of bigger markets I have looked at and am somewhat familiar with?

Unless you are finding off-market opportunities direct to seller, I can't imagine the deals working on BRRRR.