Advice Needed On Property Purchase

[Dustin Rand]

Hello all,

Myself and two of my friends and soon to be business partners are on the hunt to buy a building, possibly some land.  We are each bringing $75K to the table and each of us has 10+ yrs in RE experience.  I'm a commercial leasing agent, one of my friends is an architect, and the other owns his own construction management company.  

We've thought about doing one of the following...

*Buy a distressed property, likely somewhere in the Midwest (Des Moines, Saint Louis, KC) and rehab to flip.

*Buy an older multi family unit/s, rehab and either flip or re-lease at higher rents.

*Buy a few acres and break ground on multi family units.

But none of us have been able to settle on which we should go after and we're not making much progress.  Any thoughts?