$190K of cash incoming but too many options has me stuck. Local (SoCal) vs OOS

[Kimberly C.]

I just started listening to the BiggerPockets podcast about a week ago (due to this incoming windfall of cash that I initially didn't have a gameplan for) and I think I’ve powered through 20+ podcasts so far! I cannot consume the information fast enough and now I can't stop thinking about all the possibilities! 

I'm super excited but find myself going down too many rabbit holes and after the day is done, I feel like I get nowhere with my gameplan.

Bit of Info:
1) $190K Cash coming in the next 6 months for down payment.

2) Credit Score is Excellent

3a) Main strategy is long term investing (buy and hold), looking at potential in the next 5-10 years.

3b) Main priority for property would be location and neighborhood since this is a long term investment.

4) Interested in trying STR with property manager or company (have full time job, my time is VERY limited) but will pivot to long term rental if need be.

5) Cannot house hack (mid-40s here and I already love my primary residence lifestyle)


I feel like I'm at a crossroads where I need to just pick and path and follow it so I can invest my limited time into actionable items.

I'd love to buy locally (since my overall strategy is long term) and I absolutely love where I live. I'd also feel more comfortable locally because I know what the good neighborhoods are. But it's CA and the prices are VERY high. Numbers wise it's doable to get a single family home (MAYBE a couple of condos) but I'd almost be losing money or breaking even with regards to cashflow (which I might be fine with since I’m playing the long game).

I also know this amount of cash can go a LONG way out of state though. But it's hard to pull the trigger on something where I have absolutely no connections or visibility or experience on. Born and raised in SoCal and have no idea where to even start looking OOS. I've read posts about hiring the dream team and what to look out for but I also have a full-time job (which I'm not quitting anytime soon) and trying to setup OOS properties initially seems like a lot of time I just don't have right now. BUT OOS opens up A LOT of opportunities with the potential for a lot of growth. There are too many options to take right now, I feel lost.

If the right property pops up locally or OOS somewhere I'd probably be fine and just make it work BUT to actively be searching in both areas will require time I do not have. I'm a hard worker, I'll put in the effort but whatever I'm doing now seems really inefficient. I feel like I need to make a decision or where to look and invest my time unless there is an efficient way to somehow do both.

If you had $190K cash to invest, what would you do right now to setup for long term growth? Any guidance would be appreciated, thank you!

TLDR: Mentally it seems better to try and invest locally. Financially it seems better to invest out of state.