Question about the Best Path for Right Now

[David Clay]

I am currently trying to make a decision about the best path forward. I know I have to pick a strategy and go with it, but I thought I would post this as a way to discuss my ideas and get some input from others as I go forward. 

I am ready to purchase my next unit (available funds 50k savings, 14k self-directed IRA accounts). I own 2 rentals now and they're doing well enough. I recently refinanced them both and have cash for another deal. Here's my problem. I would really like to get into the larger multi-unit rental business, but currently I don't have enough cash for that. My current idea was to flip houses to build up enough cash to purchase a smaller complex in the 1-2 million range (needing about 4-500K, but currently having nothing close to this. I haven't been marketing or anything, but using an agent to find deals. A couple options came up, but nothing has panned out and time lag is significant overall. In any event, I thought I could possibly just purchase some more rentals as an alternative, but this seems super slow. I look at what resources I have and can obtain access to in the near future and the current demand for reserves and think that it will take nearly 35K for every 100k SFH if going through a traditional lender (20%, closing costs, reserves, and maintenance). It seems like it would take me at least a year, more or less, to save this much money even with some proceeds from the current rentals. Very slow.

Thus, my dilemma. I know building wealth is slow in real estate, but I am trying to decide how to best maximize my current resources. Any suggestions? I have time flexibility with my work as I set my own schedule, but still make a decent income. This week starts my period of adding more actual time to the investment process which I think is/was a major barrier to making faster progress in my efforts.  

I'm sorry for the less than clear thinking, but that is likely a major issue as well. I should also say that I have listened to many podcasts from this site and others. I have a sense of different options, but I don't have a group local to me (yes, I know set up a meet) that I can use to bounce ideas off of. I hope you don't mind my putting this out there.