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

A lot harder to get significant cash flow with those compared to when rates were 3%.Small to mid sized multifamily you can still get cash flow for turnkey stuff with a 20-25% down payment in C and some B areas.

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

Purchase price: $90,000 Cash invested: $60,000 Buy and hold that I still have to this date.

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. 

that's $100K+ in cash PLUS a solid plan to achieve for that return. 

Including the Statement of Cash Flows.  

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

-Perhaps the cash flow "lining your pockets" continues for a few years.

Assuming you purchased in your IRA for cash as most do, then there's nothing to deduct or depreciate because the income is non-taxable inside the IRA already.