I included stats on percent unleveraged purchases and that many of those fairly low percent cash purchases in fact use unseen leverage HML, private lending, etc and some are short term cash holds such as a flip or a brrrr that gets financed not long after purchase.  

Purchased in 2015 for $57k seller financed.

@Mitch Davidson I purchased a property recently and closing in May.

.), but the bedrooms are regular keys, as @Jonathan C. mentioned for the front door, the unit is set up to send me an email when the batteries are low. i also have another student rental ( 8 rooms, 2 entry, 2 units + utility room) one master key and each bedroom has its own key that will get students in the entry, there unit, and there own bedroom. had a locksmith do that one. cost me a few hundred dollars with keying and supplying the locks ( 13 total ). i like both setups but may look into the landlord locks again for my 3rd student rental i just purchased.

In order to defer all tax you must purchase at least as much real estate as you sold. 

Double close: You do actually purchase a property and then sell it the same day to another buyer.

@Brian DolbeareI have never purchased a property with no off-street parking.

I purchased then started the remodel before trying to rent.

Best toilets I've purchased. 

If that investor hadn't planned it carefully and re-invested that money into the property or even the purchase of another then a recapture fee would hit them hard.