Ty,
What you now have is an opportunity to develop your own business model that works for you, and I encourage you to decide how best to use this operating capital to meet your short and long term goals. The difference between the two strategies is whether you want cash or cash flow, and only you can decide that.
Jacksonville area has opportunities for both strategies. You can flip for under $100k all in, and make upwards of 15% per deal so long as you can find the right deals. If you want to buy and hold rentals using this capital, it will typically require a min of 6-12 months of seasoning with a tenant before you can refinance the property. There are deals for rentals to return between 10-15% ROI in solid neighborhoods.
Study the options that fit your goals, and find someone local to work with who has more experience and can help you evaluate deals. We have a local meetup group organized by @Erik K. where you can network. Best of luck.
