Understand how to "add value" to the property and evaluate cap rates, IRR, cash on cash returns. 

As already mentioned, you could sell via seller financing to lower AGI, as all you would have to claim is the payment income - until balloon payment received.Did know an investor that had 14 properties paid off and he moved into one every two years to then sell with the $250k single exemption.

They only accept cash.

I'm looking to invest between $50k and $75k as the down payment. 

I expect my cash on cash return to be over 90%.

The problem is that your debt payments are going to basically wipe out that $400K profit unless there is room to increase revenue or reduce expenses.

Thanks to COVID, for a couple of years, you can actually make enough money to be cash flow positive even if you hire a property manager AND have mortgage payments. 

you could take $300K and purchase one property for cash. 

@Robert StephensonIf you have enough equity in your primary or rental you can get a HELOC or HELOAN and use the proceeds as a down payment to buy another rental.

House hack another property with a low down payment loan and use the remainder or the proceeds to either renovate or purchase another investment property?