$1 million to invest in real estate - what would you do?

[Angel Hernandez]

BP- Here is my opportunity. I have been able to attract a $1 million investment from a private source into my newly formed LLC. The terms are that I pay 5% interest per year and have to pay the $1 million back in 7 years. Agreement is that the location has to be NYC, Connecticut or Virginia. I want to start beginning next year.

This is a very special opportunity and I want to be absolutely certain that I have done my due diligence and explored opportunities as thoroughly as possible.  I have explored various options:

1) All cash and being more conservative vs. leveraging and being more ambitious

2) Partnering with a larger more experienced equity partner/developer to invest on larger deals vs. doing deals 100% on my own

3) Residential vs. Commercial 

4) Buying smaller multifamily homes to buying a larger apt unit complex

5) Buy and Hold vs. Flipping/Renovating 

I am intrigued to see what you fellow BPers would do if you had $1 million to invest. 

Thanks,

Angel