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Whisk the marinade ingredients together in a closable plastic bag. Place the tri-tip roast into the bag with the marinade. Press the excess air out of the bag, zip it closed.
Place in the refrigerator for 1 to 3 hours. The longer you let it marinate, the more tender it will get.
Heat the Instant Pot on Saute mode and add the olive oil. When the oil is hot, pat the Tri-Tip roast dry and place it in the hot Instant Pot (make sure you save the marinade for later).
Saute the Tri-Tip for 2 minutes on each side to get it brown. Remove from the pot and set aside.
Pour in the wine and cook for 1 minute. Deglaze the pot (scrape the bottom of the pot to get all the cooked-on bits off the pot). This is important to prevent the Instant Pot from getting a ‘burn’ notice.
Pour the remaining marinade into the pot then add the beef broth.
Place the rack in the bottom of the pot and set the Tri-Tip on the rack.
Secure the lid and place the valve in the sealed position. Cook on high pressure for 30 minutes. (It will take 10 to 15 minutes for the Instant Pot to heat up.)
Let the Instant Pot release pressure naturally, about 20 minutes.
Remove the lid and add the carrots, onions, and potatoes to the Instant Pot.
Secure the lid and place the valve in the sealed position. Cook on high pressure for 3 minutes then do a quick release (use an oven mitt to protect your hand from the steam).
Remove the Tri-Tip and the vegetables and set aside (leave the juices in the pot to make a gravy).
In a small bowl, whisk the cornstarch with the water.
Select the Saute setting on the Instant Pot. Bring the liquid in the pot to a boil and slowly add the cornstarch mixture. Cook for 2 to 3 minutes while whisking constantly.
If the gravy is too thick, add additional broth to get the consistency you like.