Great comments on here. I'm in a very similar, almost identical, position as @Jared Bauer, so I also really appreciate Jerry's question and all of your comments.
@Jared Bauer, I have recently started investing in multi-family syndications/funds to minimize my daily effort and keep my risk low, while putting some of my real estate investing (REI) money to work. I expect smaller returns from this channel than if I owned outright, rehabbed, collected higher cashflow per door, etc, but it was one way to start diversifying my (very new) REI portfolio on top of the two single-family homes that my wife and I purchased a few years ago in the North East.
Over the next 5-10 yrs I plan to focus more on buying value-add (rehab needed) multi-family properties through financing channels to leverage my REI $ further/wider. My POV is that having many units under one roof = less roof repairs every 10yrs and therefore, less headaches :) BiggerPockets podcasts, along with Jake+Gino's book and events under their Wheelbarrow Profits umbrella were big inspirations for this.
To help navigate "where should I buy" I'm currently building an automated (API driven) database to continually score every county and MSA in the USA very 90D based on different weighted metrics of my choosing to best fit my investment criteria. These metrics includes many of those mentioned above by others on this thread.
Happy to chat over Zoom for 5mins if you want to connect anytime soon. It seems like we are in very similar positions, so I'd be happy to share what (very little) I have learned so far. Who knows, we may end up crossing paths again in the future.
Best,
:boon