Best investment strategy for the novice investor?

[Chris Matson]

Fix and flip, buy and hold cash flow development, or a hybrid?  For a novice investor, what are your investment strategy recommendations given today's market? 

New to the real estate profession cash flow is not what it used to be when I was in corporate America. I can effectively fund one all cash deal at a time but long term wish to build a portfolio of good long term cash flow producing properties.

Thoughts and recommendations?