How should I think about cash vs. equity?  

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

Positive cash flow, for sure.Cash vs.

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. 

it doesn’t really matter.In my experience, cash flow will never make you rich.  

If you’re not paying cash for properties, get pre-approved for an investor loan to understand your available credit.Time FrameThe shorter your timeline to achieve your goal, the more upfront capital and credit you’ll need.End GoalMost investing goals focus on replacing their current income, like $5,000/Mo.

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

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

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

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