Where to Invest $200K

[James Peacock]

I live in Nashville, TN and just inherited 200K from my father. This represents a little less than half of my current net worth. So where I invest it is pretty important. I'm 61 but willing to take calculated risks.

Instead of keeping all of my money in mutual funds, I'd like to diversify into income producing commercial real estate. I used to have a RE license and managed about 10 units for my dad's account a number of years ago. I'm going through the process of getting my license again in preparation for really looking into viable opportunities. My main goal is cash flow; not appreciation.

The options I'm looking at are:
Buy lease/back for a fast food location
Small strip center
Small office building
Warehouse or distribution center
Flip foreclosure homes (there seem to be some steals around here)

I'm guessing I can leverage up to about 800K-1mil, but not sure I should. I could always buy a rental unit in the Fla panhandle, but I'm guessing that's not going to produce much income with only 8 months of use a year and PM fees. I sure don't want to go a lot further south with the potential additional downside.

But I believe there have to be some good opportunities if I really poke around and look opportunities willing to negotiate.

Any advice, or pointing in the right direction, would be greatly appreciated.

Jim