Considering RE Investing Austin, TX area

[Wayne Solum]

I'm 51 years old, married and have six children ranging in age from 6 to 24.  I've lived in this area for 31 years.  My day job is SQL programming and have been working in database development since 1991.  As far as real-estate experience goes, I have bought two homes in my lifetime as personal residences and I am the president of our neighborhood's property owner's association.  That's it.

I lost all of my retirement savings (such as it was) between 2007 - 2010 in a failed business venture.  I am now considering real estate investing as a way to build passive income and build wealth.  I have equity in my home and a small amount of savings and am trying to determine what direction to go -- my two options at the moment are single-family rentals and passive investing in multi-family.  I just don't see how the passive multi-family will accomplish my goals.

I really need to define a plan at this point.  Any pointers along those lines would be appreciated.

Thanks,

Wayne