Best investment strategy with $190K deposit

[Lara Nicole]

I'm trying to figure out the best investment strategy & I have up to $190K for a down payment. 

My company made $40K net profit in 2019 & much less in 2018. My net for 2020 is about $30-$40K but I haven't filed yet. I live in Portland, OR but the laws aren't landlord friendly at all. I definitely don't think buying a multi-family in Portland is wise but a SFH or townhouse could work.

Would it make more sense to buy a duplex in another state first then use the rental income to buy a smaller home in Portland? Not sure if there's a waiting period between buying two properties or the need to prove rental income for certain amount of time.

Or buy the duplex in another state using a conventional loan & use a bank statement loan for the 2nd Portland property purchase due to my lower income that will show on my 2020 taxes, without having to wait? 

My deductions on my 2020 taxes will show much less profit so a bank statement loan would get me a higher approval rate, although I would be paying a higher interest rate.

[Noah Chappell]

@Lara Nicole I'm feeling like your vibe is to get into some 1-4 unit properties. I'd consider using 20-40k for a low down payment house hack on a 2-4 unit property within Portland, then taking the remainder and using it for 20-25% down on a BRRRR or near BRRRR maybe an hour or so outside of the city where prices are lower. For the BRRRR I'd look for a decent property that would qualify for bank financing, not so distressed you need hard money, to get your head around the process for your first deal. I think starting with that you'll have plenty to keep you busy.