Currently have $800k cash and looking to get into real estate Need advice.

[Eric MacDonald]

Hello All!

I would like to provide a brief overview of my current professional and financial status. At 36 years of age, I am serving as a Vice President at my existing firm. My financial liabilities are confined to the mortgage on my primary residence. I have diversified my investments into the stock market and cryptocurrencies, both of which are performing exceedingly well. Additionally, I am the proprietor of a small business in the wedding industry, which is principally managed by my wife and generates approximately $50,000 annually.

While I have no intention of resigning from my current position, I am keen on expanding into the realm of real estate investment, an area I've long been interested in.

Together with my wife, we aspire to develop a portfolio that includes both long-term and, eventually, short-term rental properties. Our objectives for the next 2 - 3 years are as follows:

• To generate a monthly cash flow of $6,000 - $8,000, though we are open to exceeding this initial target.
• To invest in properties that will appreciate in value over time.
• To diversify our investment portfolio to mitigate risk and maximize returns.

In pursuit of these goals, I am seeking advice from this group on several points: 

1. Considering my available capital, would it be more strategic to purchase several properties outright, focusing on single-family homes in the $150,000 - $200,000 range that require minimal renovation? Alternatively, would it be wiser to leverage my funds by placing a 50% down payment and servicing the remaining mortgage over time?
2. While we are committed to learning as much as possible, we intend to employ a professional property management firm to oversee the long-term operations. I welcome any recommendations or considerations on this matter.
3. Finally, should we consider investing in a larger multi-unit complex, such as an 8 - 12 unit apartment building, instead of individual single-family homes?

I know there are pros and cons to single-family homes vs apartment complexes but would love to hear from this group

Your insights and experiences would be invaluable in helping us navigate these decisions and shape our strategy.