How much cash flow could one get with $150k starting capital?

[James Z.]

One of my friends who has had to listen to my incessant ranting about REI had a question for me the other day, and I felt sheepish that I had no idea how to answer him. My plans are largely centered around SFH buy and hold, long-term investing, and my knowledge ends there. He is well-to-do and has money saved up, and was curious about how much cash flow he could get with it in the short-term.

So, my question is this: if you had $150k in capital to blow, were just starting out, and you were mostly concerned about getting the max amount of cash flow in the near future (and if possible setting yourself up to get some more long-term benefits) what would you do? 

Two extra criteria.....he lives in the Washington DC metro area, so things are pricey (but probably willing to look farther out) and seems averse to house flipping.