I have ~$500K to invest. Looking for advice on this strategy

[Cori Leste]

Hello fellow BP’ers! Been lurking for a while as I learn and formulate some strategies. I currently live in the Bay Area and work at a tech company. My husband has decided to go to law school out of state (still waiting to hear back on where he gets in), which will mean losing his portion of our income and possibly cutting mine substantially since my out-of-state job options are limited. The strategy I’m currently thinking through is selling our home and aggressively investing the $500K proceeds in OOS rentals (and possibly also a new personal residence); buying as many for all cash as possible, and possibly using debt for some, with the goal of replacing his income and the hit to mine while he’s in school. I have a basic understanding of how to evaluate properties and how to calculate operational costs, and the risk of investing OOS, etc. What I need more help with is how to come up with the formula of the right mix and timing of all cash deals and mortgaged deals, starting with my investment number and cash flow goals. I have a couple markets in mind but would appreciate anyone’s advice on this plan, markets and any insights or gotchas. Thank you!