Used your HELOC to fund the down payment on a second property if the right opportunity presents, otherwise those returns wouldn’t be juicy enough for me to take on more debt for the sake of scaling if you’re buying at retail. 

Once the property is sold we will be able to pay off the HELOC and will also have further funds coming in the following year.

For a BRRRR if you are using debt most people will use some sort of hard money to purchase and a construction loan to fund rehab (unless you use cash).

Most lenders are going to be limited to 70% of ARV ($560,000 total loan amount) but that means they could fund 85% or a bit higher of purchase price + rehab ($560,000/$645,000 = 86.8%), which is solid.

Then if/when another good deal comes up, you can approach a lender and look at leveraging either of the properties in order to fund the down payment of the new property.

If they are up for renewal and you elect to non renew them you must stop accepting funds from the occupants after the lease expires (accepting rent after the lease expires may make it appear you have a tenancy at will agreement). 

It might be wise to sell it just from a management standpoint and reposition the money into some index funds and maybe another property in NC.

Now I'm looking into commercial HUD loans and perhaps starting a fund to continue scaling. 

Labor, supply chain (we are on an island) and red tape: from offers and closing, to funding to permits.  

I can make way more money where I'm from. you have to branch out. most large pooled capital funds are raised in California and invest outside of California