Due to high interest rate and almost $10k of property tax, we negative cash flow over $10k in 2023.

My main concern is the limited cash I have available for the down payment and renovation costs.

You have to pay capital gains regardless of whether you had a mortgage once you sell unless you do a 1031 exchange in which case the process starts itself over and you don't have to pay capital gains tax unless you sell and don't 1031. 

On the other hand, unless the seller is financing it, you are almost certainly not going to get 100% financing, so you'll need the down payment plus reserves for working capital and capex.I'd then look to find an experienced apartment owner, ideally one in your area, who can look over your proforma assumptions to make sure you haven't forgotten anything big. 

You'll see homes go for 300-400k, even new builds, on the side of Williford / Crestmere (on the side of the church), yet the very next street over on N Hollywood you'll get iron fences, 7 car packed driveways, and the occasional stray bullets.Investing in Memphis requires hyperlocal awareness.

The 2 properties are both over 100 units.

The end buyer is taking over the purchase contract that you have established with seller.

And once you have bought a handful of properties, find a way to double it.The idea of replacing your W2 with REI has been hyped up over the last (unicorn) years.

I haven't closed one yet since just switching over in January to CMG but have heard from others it's a great product.

Agree with @James Carlson - we all start out chasing cash flow and then watch a property go up in value 6 figures over time and realize that cash flow could never compete with that.