Since it appreciated so much though, you do have the option of doing a cash-out refinance or HELOC and taking some of the equity out of that condo to purchase another investment property.

Unless the seller has cash for rehab, there is a good chance they will take out a HELOC on the property and they would no longer own it free and clear. 

You can get a conventional loan from one bank and a HELOC from an another bank.

I recently bought and rehabbed a property for all cash (taken from a Heloc.)

I'm buying a REO townhouse (live in flip, no mortgage) which later I might use to get a equity loan or HELOC to fund another flip. 

I recently had it appraised for $180k when I took a $100k HELOC out on it. 

We have since moved out and are now "house hacking" another property where I am closing on a $30,000 heloc next week from our current primary residence.

Don't rely on bank financing during a crash and make sure to have fixed rates and don't rely on HELOCs.

I use a HELOC to purchase the property and do all the repairs.I am fixing them up (myself doing the majority of the work subbing out big tasks).When I am done I get a cash out 30 year mortgage for what I have into the investment and pay back what I used on my HELOC.

Although heloc is also an option because yes, I would like to keep that 3.25% interest should I decide to keep this property long term.