Investment strategy: $500k liquid?

[Kashif Khan]

Hello BP members, I am new here and have been an infrequent visitor on bp over the last 4 years or so. I currently do not own any income properties but planning to take a plunge very soon. Here for advice, guidance and consultation. 

Looking to invest up to $500k liquid to generate income, not restricted to any area/region - personal preference would be Chicago suburbs. 

How do I best leverage my capital for cash flow? What would the seasoned and highly experienced investor do with $500k today? I am exploring various ooptions such as apartment buildings, single family homes, multi family homes, multiple condo units, reits.

I am not sure which route I will take yet. Any advice will be helpful.