100k cash, 400k borrowing power, what would you do starting out?

[Tobias Falzone]

Hi Everyone, I'm a relatively new investor and after flipping my previous house and buying a new primary residence near sacramento, california, I'm ready to begin investing in non-owner occupied properties. However, Its so hard to settle on a strategy! In state for appreciation, out of state for cash flow, SFH/multifamily/Commercial, etc. So here, is my question.

 If you had 100k in cash and about 400k in borrowing power using conventional financing, how would you take advantage of the current long term low interest rate environment while still setting yourself up to do deals in the future?

My Current Ideas: 1) buy out of state in 2% rule properties (They tend to be smaller and I will run into the 4 mortgage rule real fast), 2) Focus on in-state buy and hold rentals that only marginally cash flow, but have a better chance of appreciation in the future, 3) forget about low interest rates and just start flipping properties in my local area. 4) Save up another 100k and buy an apartment complex in a year or two.  I'm open to ideas though, maybe a mix of strategies.  I'm just curious what you would do if you were starting over today!