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

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

Investment Info:Condo buy & hold investment.

Many investors opt for building broker relationships when buying 100+ unit properties, but it also takes time to build a relationship with the broker. 

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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.

Also, given our members are more focused on scale, many of them elect to create a syndication (even if it's a fix and flip fund), given the significant upside once raising more capital is possible.We also have clients who use our process for raising capital for crypto funds, buying existing businesses, hedge funds, and etc.

He usually buys in C neighborhoods and has to do heavy rehab, but he's a construction guy that also runs his own property management company, so it's 2nd nature for him.

And it sold for more because I was accessible and right there walking with them in their buying journey. 

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.