I am based in Edmonton, Alberta.

Based on my reading and understanding I'd like to form my LLC in Wyoming. 

I am a real estate broker and property manager based in Clarksville, TN and I specialize in working with investors.

Most lending is based on cashflow, not the 2% rule (although still a good rule of thumb for some types of investments), might have the most help from the group if you provided some of those details here just so it'd be easier for us to help you best. 

Thanks for touching base and let me know if there's room for collaboration on any of your projects or just willing to share lessons you've picked up along the way.

Based on your response I can give you some paths.  

. $360k equity (based on your estimated loan balance and estimated transaction costs if you sold, this is not calculating capital gains taxes but that would reduce your equity down to about $310k if you sold without doing a 1031 exchange). $8k cash flow (this will increase over time because you are in an appreciation market). $6k principal pay down (based on your current loan). $20k appreciation (based on 3% which is conservative, 4-5% is the historical average).

The algorithm likes bright/colorful photos. 

Generally yes a HELOC will go off your personal finances so qualifying is generally based on your income, liabilities, and credit. 

Based on the data I saw from ABOR the median price YoY (2023 to 2024) was slightly up (around 2%) and the rent was flat to slightly down.