Newbie with amazing opportunity to invest - need advice!

[Lauren N.]

Hi all! I've been diligently reading as much content and BP books as I could consume over the past few months. I've been personally interested in getting involved in REI for a while and have been getting educated. I recently discovered that my Mom will be receiving about half (parents are divorcing) the proceeds from an investment property sale this July or August. The land is in Portland OR and is under contract with a developer for several million.

We've spoken with an attorney about apportioning to the land to be part residential and part investment, as there's a primary residence, and about 8 acres of timber land. I don't know all the details of this, but I believe this is the high level plan for how to manage the tax strategy. They'll do a Section 121 on the residential, and then my Mom wants to execute a 1031 on her half of the investment property. We're working with an estate planning attorney, a 1031 attorney and a real estate CPA, so we're letting them figure this out for us. 

I'm helping her put together a strategy for how to re-invest roughly a $1million or so in capital gains on this land. She has no REI experience, neither do I, but we both recognize that this is a great opportunity to help set her up for cash flow and security in retirement (she's 60). She has "some" interest in managing the properties, but most likely we'll want to use property management company.

Her goal is to generate low maintenance monthly cash flow of at least $4,000 to live on in retirement. She owns her own house outright ($250k). She'll also get about $300k in cash from the sale. We're open to any kind of real estate assets at this point. My Mom is kind of risk averse but is willing to let me help her grow her portfolio over time so she can leave something for her kids. I want to put together a short term plan that can flow into a long term plan. My question for the community is this.....if you were in my shoes helping your Mom invest for retirement what would you do? Thanks in advance! 

Lauren