It depends on where you want to live, income, personality, and other factors.You could buy a large home and rent out the individual rooms to cover expenses, but this comes with problems.

Are you looking to pay off the hard money loan, fund another investment, or cover property improvements?

Or maybe the units aren't equal and one rents for $2800 covering most of the cost of living there. 

Invest in Fix-and-Flip Properties:Use the $50K as a down payment or cover acquisition costs for a non-recourse loan (required for SDIRAs).

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

You will also discover the warranties don't cover as much as you think, and claims are often denied.Home warranties are so bad that most professional property managers will not manage a property with one in place.

Hi Saul,Vegas and Phoenix are on the pricier side, so you'll need to put a large down-payment down if you want to cover all your expenses with some cash leftover. 

Any semi-intelligent agent is going to do the math and want to cover their expenses.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Have you called the housing authority that covers this property to confirm the max rent based on the # of beds?