1 Million in equity over 20 Single Family Homes - Then what?

[Ben Kirchner]

Full disclosure, this is not my current situation, but in the 10 year plan, and I'm actively taking steps toward it.

So my wife and I have been basically setting aside much of our savings, and acquiring a couple single family residences each year.  Even estimating on the low end, with little to no appreciation, we should have about 1 Million dollars in equity spread over 20 single family homes.  My question is - what then?  Realizing many things could change in the next 10 years, I'm always wondering about the future.  

I've thought of our options after reaching this point. Perhaps someone can shine some light on these options, or open up new ideas on what to do in this situation, or rethink our "acquire 2 SFH per year" strategy. But since right now that is what we are doing, 10 years down the road, I see options as this:

1. Become a hard money lender.  ~15% interest on 1 million certainly surpasses our "freedom number"

2. Sell the SFHs and invest in commercial real estate - worry about one building instead of 20 scattered about.

3. Sell SFHs and buy one big multi-family unit, for same reasons as above.

4. Continue investing in SFH. We're currently self managing these homes, but would turn it over to a management company as we grew our portfolio.

5. Focus on flipping a few houses a year without the need to borrow money.

Or perhaps a path a never thought of...  Ideally, I would like to have a passive income stream that allowed me to travel frequently.  

Thank you for any input.