What should I do with 800k in 1031 money?

[Bob Upgren]

Quick question. Would appreciate thoughts on this.  I have approximately 800k in 1031 money that I would like to move to the Phoenix market.  My market is saturated and the appreciation levels are stagnant.  If you had 800k, would you buy one property, multiple properties, or another strategy I'm missing. I'm considering buying single family that need minor updates like paint, flooring, and maybe a new kitchen.  Doing the renovations to create equity and then using the home as an Airbnb.  Thanks so much for you input and advice!

[Justin Carmack]

That's great news! If I was sitting on $800k I would BRRRR multi-family properties. Once you rehab and stabilize/increase rent you can pull the money back out in the refi process and do it again.

I might also look at buying old industrial buildings and turning them into apartments and shared office space.  I'm in the Midwest so there are a lot of old industrial sites that could be converted.