There isn't enough information in here about the current state of the house to be able to advise you, but I would think #3 is a definite no as it seems unnecessary from a cost perspective although that market has scale to accept it.

The devil is in the details. 

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.

Also in the same week we bought two other houses, and ended the week with 5 houses in 5 days in 3 states. 

Given the lack of activity / buyers in the market at this time with rates, would you reccomend holding and renting it until the market is better to sell in? 

What made you interested in investing in this type of deal?

Can get them in for about 160k and the top realtor in the area told me he can sell em for 240.

I've decided that finding "deals" in Arizona is unnecessary as there are other markets that one need not search high and low to find something that can produce a decent cash-on-cash return.

I am in St.

I’m actually in Arizona at one of our properties until the beginning of October but am planning to be back in that first week.