Personally, I wouldn't spend money on an attorney because 1) I think the covenants/restrictions can sensibly be used against STRs and 2) because the HOA potentially has deep pockets if the officers decide to fight because they can pass the cost of the fight to the home owners.I would reach out to the officers to get their sentiments and to plead my case, and I would start building my case with the other homeowners. 

With purchase and rehab that estimated 35k + 50k = 85k.

This is bogus if buyer and seller are independent parties (if the parties are associated then I understand setting true value) as there is usually a reason for the discount purchase (risk items like unpermitted work, crazy low rents in rent controlled area, hoarder, heavy need of rehab, etc).  

I'm looking to get into the BRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy but want to build a strong team and could use some guidance.

Increasing your payments with PMI, closing costs, and higher interest rates means that you’re buying your VA eligibility (your down payment amount) at a huge cost.

If you have an LLC, ownership percentages are recorded and thus difficult and/or costly to change if an active partner is earning equity through actions.To give some personal experience, Lending and banking can be difficult at best, impossible at worst with a Land Trust.  

I think that's exactly what I would want to do, but I'm clueless as to how much such a bedroom conversion project would cost.

Nothing else matters.In general, they are all close enough to the same that you aren't missing a Maserati and using a Prius when the costs are all around the same.

Lots of Acres at lower cost? 

@Anthony ZottoThe election's impact on small multifamily real estate will depend on the balance between policies supporting housing affordability and broader economic changes affecting investor costs.