New here. $1 million cash. Want passive income, what's the play?

[Jared Bauer]

I'm 40 and have 0 debt. Own my home and a LTR outright. The LTR is about $180k and my home is about $500k. I've been an entrepreneur my whole life. I've done well on some long term bitcoin investments. I'm getting older now and am looking to figure a way to diversify more into real estate so I can have guaranteed income for the rest of my life. I have a family with younger kids and like to travel. I'm not looking to become busy as hell, but at the moment I am essentially semi-retired so I do have a lot of time when I'm not doing the traveling or the kids are at school.

 I live in MI where property taxes are high and it seems damn near impossible to make any numbers work. Am I not understanding it properly or am I better off investing out of state? If out of state, then do I need a management company or do you have a system or guide of how to manage from out of state? Can you cash flow positive with a manager? I guess I'm looking for some ideas on what amount of cash flow I could realistically generate with $1 mil in cash with modest/light leverage. Also what might be the best strategy for return/amount of work. For instance, I don't think I want to own Ten $150,000 places because I imagine that starts to become a lot of work. What is the sweet spot? Three $500k places? Two $750k places?