@Howard L WeinstockAs you alluded to yourself, all this is a gamble on the future of SS system and on your own longevity.

It's a gamble in some ways, as I don't know if I'd be able to build what I want due to zoning.prop #2- crappy neighborhood. 1/4 acre, BUT-has a single family house, small garage, plus warehouse space that's ~2500 sq ft. zoned C. cheap. house is also a total rehab. closer to "move in ready", but honestly, the crime in the neighborhood is to the level that I don't think I'd bring my kid there now.

(not counting the renovation) I think it's tough to find a deal like this in Chicago on the North Side, where you can sleep peacefully at night and not worry about someone breaking in, or a drunk and disorderly, including being located in a  highly rated school district...I understand appreciation, and gambling on neighborhood gentrification isn't a primary concern of mine, this is a risk-free, safe return play.

Once I have chosen a market, I plan to look into turnkey companies in that market.

Banking on appreciation is like gambling.  

Having 650k cash and not knowing anything about the market is a complete gamble, not an investment strategy.

It sounds like you could even rent your unit at a higher price point if the demand is that high. you mentioned that you had chosen a tenant but they couldn't come up with a security deposit.

Although I have not chosen a specific strategy, I am focusing on multi family/duplex/triplex/apartments.

Learned about Note Investing from a Podcast.How did you settle on your chosen path in Real Estate Investing?

The only gamble is if this tenant is a fluke and the space is in a location or a configuration that a replacement tenant would be difficult.