A common strategy I see with diversification exchanges, is that the investor will purchase the first property cash and the second with a mortgage.

Just ask the owner what are you going to do with the money if you sell for cash??

How should I think about cash vs. equity?  

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

Positive cash flow, for sure.Cash vs.

This also only works for cash buyers willing to buy and hold. 

Cash flow great.  

@Paul Whitehurst Without equity or cash it is very hard to scale.

Purchase price: $150,000 Cash invested: $60,000 Rented it for $2195.

I am definitely conservative and plan to keep my job until the REI cash flow is proven for income.