I was fired this week! What could you do with $275K?

[Jason Krawitz]

I lost my job this week! My wife, father-in-law, sister, and closest friends tell me this could be an answer to prayer and that I would have never fully pursued my passion for real-estate if this hadn't happened. I've been slowly and conservatively investing in real-estate the entire time I've worked for a corporation. We own a paid for single family home worth $275k that rents for $1595/month. I also have about $150K equity in my personal residence.

How much monthly income could you produce if you had $275K + your time and sweat to offer? How would you do it? I'm eager to hear your thoughts and ideas! If it matters, my preference is rental/cash-flow properties. However, I want to keep an open mind! 

Also - Have any of you transitioned into full-time real-estate after losing your "real job"? I'd love to hear those stories!

Thanks!

- Jason