I'm a little disappointed in the lack of creativity so far! So you will get a million different answers, and really it depends on your goals of what you want to do, not just how much you want to make. Your appetite for managing projects, extra time, experience, etc.
What I would do is use it to actively raise more capital so you have much more to invest toward your 'passive' income goals. I would also wait until everyone is moving about again, but be ready to look for and jump on deals to buy.
For example - and keep in mind you'll need about 25% down for any property you don't live in, assuming you can get financing.
Take $50k and flip a house in 3 months. Do NOT do the work yourself, hire it out and get it done right, and on time. If you haven't done that, find an experienced partner you trust, and line up contractors you trust. You will likely take longer, but aim for 3 months and don't go longer than 4 or 5. If you're lucky you split $50k net, leaving you with $25k profit (the $10k was intentionally left just in case the project goes a little sideways).
Do it again but do 2 at once in 3 months. As you get better, your profit should go up per flip. Let's say $50k per flip x 2. $100k in Q2. You now have your $60k + $25k + $100k = $185k capital raised. Start banking with a commercial lender if you haven't already, with your LLC. You want them to see your history of profits.
Q3 - Do 4 at a time in 3 months. Hopefully $60k each x4 = $240k profit + $185k previous = $425k
Q4 - Do 8 at a time, you will need help unless you don't have a full time job. $480k profit + $425k = $905k perfect!
You're in Year 2 by the time you've sold all these, but your bank should be able to give you a line of credit multiple of what you have. 2x or 3x when times are good (they are not now...) But let's say you have your $900k and they will give LOC of $1.8M on top of that. You don't even need that much!
By Year 2 you have experience flipping, finding deals, have a network of contractors you trust, and have your act together, or you lost your mind at this point. Maybe a little column A, a little column B...
Anyhow, you buy two 4 unit deals and BRRRR those suckers at $200/unit cashflow after (your goal is 25 units @ $200/unit).
Get that done in 3 months and now buy two 10 unit or one 20-unit and BRRRR that. Boom you now have 28 units cashflowing @ $200/mo each for a total of $5600/mo cashflow.
Guestimate of 25 units cost $200k each = $5M, at 25% down that's $1.25M down required total. You raised at least $1.6M so you can keep going.
Aggressive? Yes. Possible? Yes. Will you lose money sometimes? Yes, but as you can see my numbers aimed for more than your goals.
Good luck!!
