Okay, so you specifically want arbitrage instead of to purchase something?  

When trying to do the deal analysis on my current property, it’s asking for the purchasing and closing costs.

There is some purchase transactions and still private work (as I noted above). 

And the IRS requires that all of the proceeds from the sale be used in the purchase of their new property. 

I would try to do 80% purchase loans on both.So 70k*80% = 56k loan amount 14k down payment + you will also have closing coststhen 120k*80 = 96k loan amount and 24k down payment + your closing costs So you will have about 32k - closing cost and loan costs for an additional investment

Purchase price: $151,000 Cash invested: $60,000 Last year I bought my first investment property, a duplex with 2 bed/ 1 bath in each unit.

We are purchasing a 6 unit Apartment building in a small central Texas town. 

My apartment is identical to non-hotel-apartments in the same building, but was classified as a hotel apartment upon purchase by the owner.

Because if your house hacking I recommend you purchase a 3 bed, 2 bath, 2 car garage.

Your ARV on something like that would have a much larger appreciation plus higher potential rents.If you purchased in the next 6 months it would put you in the early stages on the local market analysis.