First, if you are filing single and are making $195k in gross income that you can't contribute to a Roth IRA unless you use back door Roth IRA. If your filing jointly (married), anything above 196k together would make you not able to contribute to Roth IRA.
20k in cash savings is a lot so unless you are looking to buy a house then I would put it in stocks. Depending on how passive you want your investment, your location... You can put the 20k towards a downpayment for a house.
Assuming you want the house to be passive, I would do some research on a house that is undervalued in an area you believe will go up (look for minor cosmetic issue, no ain't issues like foundation or something like that). A lot of people are looking for turn key houses but if you just put in some money into an undervalued house it can boost it up. I would do some research before going to this avenue.
Regarding home loans for investment, it is 20% of property value and for living there downpayment can be as low as 3.5% (0% downpayment with VA loan). I would not buy the house in cash, the rent can cover the mortgage.
If you really want the property to be passive you can hire a property manager but they take 6-10% of the rent so I wouldn't recommend it unless you really don't want to deal with it. Also before putting a tenant into a property make sure you screen the tenants well so you don't end up with a bad tenant.
Owning properties have a lot of pros, but regarding your 55k in your 401k, I would like to know your initial investment. Because if you are currently losing money in the 401k, so down from original investment. You might want to consider moving the investments in a back-door Roth IRA if you know the investments will go back up. If you are in profit you probably shouldn't do this. You can talk with your CPA about this and they can give you some more insight on the best way to do this.
I would also recommend a good CPA because if you are an independent making that much, you are probably paying a lot of tax and a CPA can help you lower that amount of tax with putting investments with the 20k in savings.
Regarding the 50k in stocks if you are at a profit and you want to invest in a property at a higher value so as to make it a 70k down payment that is fine. But if you are down with stocks I would wait until they go up.
This is just some insight, I would recommend taking with a good CPA. And also if you need more guidance you can hire a financial advisor. Or look on YouTube and google searches for research on these topics.