Busy Bay Area business owner seeking to diversify through REI

[Ethan M.]

My wife and I are interested in diversifying some of the profits from our business through real estate investing.  I've been educating myself for several months, and am ready to make a move, but none of the deals I analyze seem worth the trouble.  I would be very grateful for any advice that experienced investors can offer.

A little more info:

• We're considering investing out of state, as it seems challenging to cash flow here, but also due to the general regulatory (and litigious) climate of CA and especially the Bay Area.
• I understand that there are likely great opportunities within driving distance of the Bay Area and that something local makes sense especially when starting out.  That said, finding these areas has proven challenging.
• We're primarily interested in multi-family properties but have also researched turn key single family properties, vacation rentals, and even mobile home parks.  
• My schedule ranges from fairly flexible to extremely busy.  Most of the time I won't be the person hustling the hardest looking for a great deal as our company (and our family) will stay my primary focus.  This obviously will eliminate certain strategies from consideration.
• If we eventually build a portfolio of several medium to large multi-family properties my wife will assist with the management.
• The multi-family market seems inflated at the moment so we're willing to be patient if needed.  The increased velocity of multi-family appeals to us.  Our medium to long-term goal is to net approximately $12-15k per month.  Making a couple hundred dollars a month on individual single family homes seems like a slower way to go than acquiring 150 "doors" through a few medium size multi-family properties.

Thanks in advance to anyone that takes the time to read this and share any wisdom you have!