I personally walked and researched every property prior to investing to understand what I was buying, what could be done to add value and what I should expect in cash flow and appreciation.Learning what makes a good investment for you is absolutely necessary. 

With retirement in five years, your focus should be on balancing cash flow, risk, and tax efficiency.

Firstly, becoming a multifamily agent is a fantastic way to learn the business first hand while making some cash in the process.

To be more specific about what i'm looking to do: My 1-2 year goal is to employ the BRRRR strategy with SFHs and Condos by buying distressed / highly undervalued properties that need work (preferably all-cash) in low crime areas with strong rental demand, renovate them within budget (again preferably all-cash) and get them rent ready before refinancing them at the highest ARV possible.

Still tons of deals that hit the 1% rule and positive cash flow here and you get amazing appreciation potential.

A cash-out refi could allow you to set aside some funds as a reserve or at least pay down your debts so that your lines of credit (credit cards etc) can act as your emergency reserve when more bad things happen. 

If you want cash flow, start or buy a business.

I learned a difficult lesson buying Class C "cash flow on paper" properties in Indianapolis metro area (and I knew that area and lived there before, just not down to a detailed level).

The bigger you go, the less competition you'll have and the greater your chance at some serious cash flow. 

Purchase price: $15,000 Cash invested: $25,000 Sub to deal - paid the seller and wholesaler $15,000 + $7500 closing costs to assume $84,000 mortgage with a monthly PITI of $575.