Purchase price: $35,000 Cash invested: $35,000 Sale price: $110,000 Purchased off-market from a tired landlord, this fix-and-flip involved renovating a distressed property with outdated features and deferred maintenance.

Purchase price: $35,000 Cash invested: $35,000 Sale price: $110,000 A fix-and-flip project purchased off-market from a tired landlord involved buying a distressed property with significant deferred maintenance.

(Which you could also then do with your new purchase in 2 years.

Purchase the home with the condition that the tenants have vacated.

I want to purchase an underperforming asset at a Price of X.

For an auction.com purchase in Washington you have 2 options. 

Have you guys ever purchased a property without physically seeing it?

I've got about $525K in equity in the property, but lenders have told me that I cannot get a HELOC to access that equity for additional purchases because the duplex was financed as an investment - they have said TX law dictates that HELOC can only be used on primary residences.

I have used HELOCs for probably most of the purchases of the properties I own. 

To defer all tax you must purchase in total at least as much as your net sale.