Seeking Advice on Starting Out

[Zach Pederson]

Hey everyone, my name is Zach and I am seeking the advice of like-minded individuals with the experience that I have yet to attain. My wife and I are in the process of selling our California property for an estimated gain of $180k and are now looking to execute a 1031 Exchange to swing those profits into the purchase a multifamily property or properties in an out of state market (e.g. Kansas, Florida) and I am seeking advise on what course to pursue.

Courses of action as I see them:

1. Purchase a $180k property (e.g. duplex) outright and  have immediate  cash flow.
2. Split my gains to buy multiple properties and take a loan on the remainder.
3. Go for something slightly outside the range of my gains (i.e. $500k) to purchase something larger and take out a loan on the remainder.
4. Use the $180k as a 20% down payment on a larger million multi-family property.

All of these options feel viable and executable, but is there an option that I am missing and what are things to look out for each option. Also is there one that people have had more success with over the others? Does anyone have recommendations on good markets for multifamily? I have researched and studied until I am blue in the face, and then figured that an outside opinion might help make the difference; the overall intent is to create immediate cash flow . 

Thanks and cheers to you!