It’s not a place where you can just buy anywhere and expect success.

He can't 'buy her out' as he does not have that much cash liquid.

that OR consider buying a property you could short-term rent to people who literally just want to visit the casino if it's a large/decent one. 

If you buy an investment property with your IRA, most require a non-recourse loan.

@Rory DarcyRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Investment Info:Condo buy & hold investment.

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I asked which building inspector was the most thorough, wrote the most detailed reports, and which was the one he’d use if he was buying his own property.

If you learn how to use Hard Money loans properly and how to find good deals in need of rehab, there are plenty of areas of the country where you could buy 3-4 rent properties in solid middle class areas with good cashflow.

I would suggest you do both of what you suggest - meaning get either a new mortgage (more conservative route) or HELOC on the townhome and use those funds to buy your next investment property.