Moving from owning single family to multifamily

[Nicholas Pelham-Clarke]

So I'm in the process of selling a few single family homes and am trying to prepare for my next investment in a multifamily. I should have about $1.5 Million to invest and am trying to consider all the options. At this investment level, I feel like I have a lot of options, but I don't want to complicate the scenario overthinking. I'm hoping the responses to this post will help narrow my focus and develop a plan.

I have rented out single family home for several years now. Thanks to the booming market in Denver, Colorado and Sydney, Australia, I have gained significant capital. I want to simplify multiple single family homes to one, or multiple multiplexes.

Denver (or Colorado) is too expensive so I'm researching other areas. I have heard mixed opinions on whether to invest out of state if you aren't familiar with the area. My first question is am I crazy to invest this amount in an outside state? I currently handle my own tenants, but I plan to have a property management company handle the tenants with a multiplex.  

$1.5Million is a large amount for myself, but I understand that it's relative. Would it be smarter to invest in a 3 multiplexes in different areas, or would it be wiser to invest all of it in to a single location?

With my single family homes I shopped many places by myself before involving my realtor. Should I be involved with a realtor early, or another party, to help with my shopping?

I'm trying to cram my brain full of information, so come August, I can move things along quickly.

Thanks for your input

Nick

Denver, CO