Initially, I thought I could split the lot.

Initially, I had listed it and found a buyer, but the deal fell through when the buyer had to back out.

My initial investment there started off a bit rocky.

My duplex - built 1989, 2,060 sf, 2 bed/bath, 1 year old roof, value if I subdivide (county already approved) and sell each separately $150k each ($300k total)Investor duplex - built 1995, 2,300 sf, 2 bed/bath, 5 year old roof, value around $310kThe investors initial request was for an equal trade and they would pay realtor fees, which I replied wouldn't be equal due to buying/selling costs (recording fees, title insurance, closing fee, survey, inspections, loan fees, 1031 fees, accountant fees, repairs), taxes would increase due to new sale price, I'd trade a 3.75% mortgage for a higher one, and I'm on the 10th year of a 30 year loan so resetting that to a new loan would restart amortization and pay more towards interest.

Upon arrival I noticed the curb appeal and thought it was overdone (of course, I initially didn't say anything to the owner).

I’m reminded of a buddy of mine who moved from Brooklyn to Scottsdale.. he initially thought the desert was just cacti and scorching heat, but soon realized there’s a thriving market here with pockets of real oportuntiy.Working with an investor who’s ready to spec build is a fantastic way to dive in.

Is it better to keep adding equity by doing work on the houses while I'm renting them then refinance to recover the initial down-payment to reinvest into another property or to pay down the heloc?

Then they lock them in to a SLIGHTLY lower initial cost per kWh.

I've been running the numbers on different properties using a variety of online calculators for properties that I initially thought looked like there may be potential.

The time allotted on the initial contract was ample time for the buyer to close.