What is theBest real estate investment for income to live off of?

[Chris L.]

I may be selling my property and would like to use the proceeds to invest in an area of real estate that will produce an income to live off of or provide the most short term return.  Buying and holding for many years to make a profit is great but I need ongoing income to live off of. Any ideas?   Also,would it be best to hold off on investing in real estate now and wait for a downturn in the market in NC?