But unless you get a value-add property, purchasing real estate really doesn't make much sense in this environment?

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.

Primary home is a little easier but for FHA and other programs it requires 12 months title seasoning.There is something called delayed financing that if you purchase a piece of land and pay for the home "All Cash" without a mortgage you can get up to 80% LTC.

I have owned it for a very long time and had depreciated most of the original purchase price. 

There are really great REI opportunities in different markets - markets in the Midwest and Southeast of the country are particularly lucrative - where not only are the purchase prices reasonable for most RE investors, but the homes are turnkey (new builds or completely rehabbed homes, tenant ready, systems 10 years of life remaining on them, property management teams in place) with appreciating home value AND appreciating rent.

Some may have very small thresholds for repair holdbacks on purchases but this is typically limited to make ready items not to exceed $2,500 in costs to cure.

Hey everyone,I'm in the process of purchasing a multi-family apartment building and just discovered none of the current tenants have any kind of move-in inspection. 

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

Quote from @Dennis McNeely: In a sandwich lease option, the investor exercises their option with the property owner to purchase the property when the tenant-buyer indicates they're ready to exercise their option and purchases the property.

I like to stay in the working class areas as they make enough to pay the rent and bills, but don't have the financial discipline to save enough to purchase their own home.