The best advice to give you. Is to seek a professional CPA / Tax Advisor. If I were you I would strike for something big. Such as commercial property. Think big, bigger than you can think. Get some other partners in to help you think.
I have a project that I am in with 9 other investors. It's a $425 million dollar project. We already have investors investing large amounts of cash. But all we need is like $170K down. I am not saying do what I do. But I would say strike big & think in long term for all of the people that would be in your project. Also I would advise you to right out a business plan with several failure strategies. If you do, I would advice you to read the book the "ABC's of Real Estate Investing" forwarded by: Robert Kiyosaki.
