How would you invest 1 million in real estate?

[Reed Vial]

Background: I own 2 4-bedroom rental homes in Baton Rouge, LA for purely college students (upperclassman) - both profit over $500/month after property management fees.

2 partners of mine and I are looking for new real estate investment opportunities. Maybe we are thinking too small, but we are between purchasing other rentals in areas such as Nashville, Austin, Scottsdale/Phoenix, Palm Springs, Charleston, etc.

Commercial properties are also an option, but residential seems more of a fit for us. Whether we purchase 1 or 4 homes, we will need to pick between a property manager or Airbnb.

From purchasing to operating… How would you go about investing 1 million in real estate? All thoughts are much appreciated (literally anything) - looking forward to hearing from the BiggerPockets investors!