We need the cash to mostly just tie us over untill we sell the property, so 150,000 is on the upper end; 80,000 and above would probably be sufficient. 

Bought a triplex in 2011 with all cash in my retirement account.

Sounds like a cash out refinance would be the best way to tap into that equity. 

I have done a handful of flips using cash, partnering with friends, and making it work. 

My underwriting would have this large negative cash flow for 7 years.I would do a thorough underwriting but want to show using quick math the issue so I will use the 50% rule.  

Most reverse exchanges are done with cash from the client or a private loan of some sort from an individual or a portfolio bank.When your old property sells you will have that cash in your account to purchase the new property. 

For rentals, focus on cash flow and metrics like cap rate (target 8%-10%) or cash-on-cash return.

Do you have cash reserves for capital expenses and improvements? 

Let's use that as an example. 20% down is $43,000 plus lender loan origination fees, closing costs etc is going to push you over $50,000 cash out of pocket.

And it is Cash-Flowing as I speak.