So for three years there is a penalty if you sell, or refi. 

If you have equity, consider pulling out money to invest with a home equity line of credit.Also, because you have a schedule that can allow you to actively work as a Realtor, I would encourage you to get your real estate license, as I did, and begin networking with other local investors and helping your sphere of influence buy, sell, and invest.

Full disclosure: I'm a licensed broker but don't actively sell any RE.

That was a good buy, and it did sell right away!

What would the average be for buying costs and what would it be for selling costs?

Hi @Brian Mitchell This is my specialty and I have helped dozens of other BP members buy and sell in this area.

There is a tax or foreclosure sale every first Tuesday of the month in every county in Texas if they have something to sell.

The property is still in distress and I put it on the market to sell.

Sell for a 200k profit. 

Homeowners have ALWAYS had the option to sell their own home.