Newbie needs some direction

[Bill Fleming]

Hello all! I first want to say that this website is an unbelievable wealth of information, and I credit all the long time REI's who take their time to help out people such as my self. Thank you! :D

I am a new to the REI world (never done a deal), but am really looking to get my feet wet. I have read a few books, but mainly on flipping, which in the current market doesn't seem like a good idea for the first time investor. I live on Staten Island, NY and work in northern NJ. I have NO expendable income right now (2 yr old and 2 month old sons!), although I do have access to upwards of $500k-$750k if I presented friends/family with the right deal.

My main question is where would you recommend me starting given my present situation?