Supposedly if black holes rotate, they will deform. However, this implies that each point on the even horizon is subject to inertia in the vector form, but if a black hole we see is merely the residing space within the event horizon, how is it that space itself would "bulge out"? How exactly do you transfer centripetal force to the fabric of space that would cause the event horizon to stretch out?

Remember what the definition of the event horizon is; the radius where the escape velocity becomes equivalent to c. Do you think rotation would not affect the escape velocity ?

What will really blow your mind is that a rotating Kerr black hole actually has two event horizons, an inner and an outer. At a specific rotation rate ( theoretically achievable but not practically ), you could have an inversion and a 'naked' singularity ( Also theoretically achievable with a charged Nordstrumm black hole once it reaches a certain charge, if I remember correctly ).