My plan is to attend the next HOA meeting and state my case. 

@Amul S.Sure thing - Lenders go by the appraised value of the property, and lend you 70-75% of it's value.In order to do a successful BRRRR and cash out on all your initial capital, you need to make sure you can renovate and increase the value enough so that it meets this "rule", and you can get most if not all your money back and to pay back the HELOC.If your property appraises for 100k, most lenders will lend up to 70k-75k.I put the word rule in quotes because different lenders have different guidelines, but if you are looking for a conventional bank product like a 30-year fixed rate loan, Fannie Mae has their guidelines on how much they can lend up to.

@Michael J Ralph at the end of the day it's whether you want to manage the property yourself or not, and if the returns meet your goals.

I think it would be a great opportunity to share knowledge and meet people with common interests in RE investing/landlording/financing/etc. 

@Nana Nkoah local RE investors meeting.

If you want to scale your business, learn real estate and grow your investing portfolio faster due to higher buying powers in upcoming markets and you are in an area that doesn't meet your requirements...then out of state is a great option.Whether you invest locally or out of state, unless you are doing the rehab yourself, there is no difference.

It's there you can meet potential business partners, funders, other investors, etc.

I have come to believe that in order for each party to meet their respective objectives both sides must meet in the "reasonable" middle.

If the improvements made were substantial then I might also provide invoices paid to contractors as well as a scope of work to justify financing at a value much higher than my initial purchase.10% vacancy is definitely higher- if you've got a stable property that meets your markets rental demands then I would use your market's going vacancy rate (which may not be representative of your EXACT asset).

I'd be happy to meet you for coffee.