Thanks Stuart.I don't think a "thesis" is necessary for real estate investing.Your mixing "thesis" with speculation and prediction IMO$1m in cash is retirement for someone that knows what they are doing in "low barrier" markets like you mention.Same can't be said for higher entry markets.Those that don't know real estate will loose no matter where or how they invest.Personally, I don't care about appreciation as I don't get out of bed unless I can net cashflow 20% net on a deal.For example, just bought a 6 unit in a B class area for $160,000.Currently occupied and renting for $3,000pm.Once minor rehab of $50,000 is completed, rents will be $4,500.I have an offer to sell as is for $250,000.ARV is $350,000.When interest rates go down, value will increase even further due to commercial lending being easier.No need for appreciation on such deals.I'll take them all day long over any appreciation potential.Again, just my opinion and each to their own.

Look at your friend who "retired" and is now bored.

I'm located in the Grand Rapids, Michigan area and am open to properties basically anywhere in southern Michigan (anything south of Muskegon from Lake Michigan to Lake Huron is fair game imo.)I now have a fairly large nest egg of cash beyond all of my other investments (stocks, bonds, treasuries, crypto) and I want to turn that cash into a real estate investment or investments and I think my deep background in tech, systems, and marketing should be able to help me substantially.It seems to me like BRRRR on multifamily units makes the most sense, but I'm open to suggestions.I'm basically retired at this point as the only work I do each week is 3-4 hours of consulting for larger tech companies and I'm on a couple advisory boards.What are the best first steps in building a team and creating the systems necessary to start making deals?

We only have my husbands income, I'm retired and stay home to take care of my granddaughter. 

If you are looking to retire in the near term, then you should be more conservative. 

Honestly we would be ok taking a small loss and coming out of pocket for the difference and just consider it like a monthly retirement account contribution.

Thanks for the reply, this is a family friend who is selling their business and looking to retire.

If you like using it during off-peak months, and/or you plan to retire there someday, then it starts making a lot more sense.

My goals with the money will be to retire early, travel (I am a Flight Attendant), pay off my parents mortgage, give back to those in need, save money, and be able to do the things I want to do without the burden of constantly worrying about money. 

Wife and I are maxing out retirement accounts.