Expanding portfolio with 75K

[Ryan Estes]

Hello Bigger Pocketonians! I consider myself well educated on real estate(I hope!!). I currently own two homes in California. One in SD County, which is my only rental property and am experiencing what they call "Infinite return" (Thank you VA). And my other home is in Riverside County, also used VA. I am active duty military and retiring after 20 years of service, so my primary goal is cash flow. I am in the process of doing a cash out refinance for 75k. I am also doing a refinance on my rental property which will increase my cash flow aby 250 dollars. So my question, or opinion, is what should I do with this capital? I have been looking out of state in Texas to buy a SFH and am trying to find a deal good enough to cash flow. However, I cant find any worth it! Should I pull the trigger on this booming San Antonio market near all the military bases utilizing all of my capital in one bang. OR should I look at purchasing two smaller cash flowing properties in markets such as Ohio, or Tennessee, Atlanta, or Missouri? My wife is scared about OOS investments, for which i understand. She wants me to look at California markets, however, the only cash flowing markets in Cali that we can afford are 2 bedroom condos, but with that again, i would be using ALL of our capital on something priced high like this. So do you guys think we should use all the capital for ONE home, or distribute our funds even amongst two cash flowing properties!

I stay up super late looking for deals across the whole nation. I find properties that will cash flow, but am hesitant on pulling the trigger because i just dont know if I am paying for a legit home, or a polished turd. I take schools and the surrounding areas into consideration while looking in these markets. But when do you KNOW you are getting a solid deal?? My wife's biggest fear is NOT finding a tenant! Especially in a martket that has high rentals!

Thanks for stopping and reading my rant!!