It needs to cash flow properly to pay someone else to run it for you.Lastly, you could do all 3-4 things you have listed to maximize your learning curve. 

But it is most definitely a buyer beware situation, both with regard to you practicing law pro se (and many lawyers won't even represent themselves under the maxim "the lawyer who represents himself has a fool for a client"), and to your relationship with your lawyer.  

I've read a few people that suggest just putting the properties in your name and then maximizing insurance.

On the other, I want to maximize cash flow.

Hello BP community,I have a questions that I am looking to get an answer to : how would you invest $200k cash in real estate in order to maximize return on investment.

I am biased because I love Cleveland and I see the potential of the city (whether or not the community  and government maximizes the potential is another story) and I am trying to look more objectively at the numbers.

What would you all do with that property to maximize my return and get started investing?

Or since your a sweat equity type..Do whatever it takes to purchase a 2nd something and maximize it with sweat equity...if you don't have funds look for affordable owner financing...no matter what get in some where, some way..You don't have to know much.. title companies and surveyors know..

Or if they are really savvy, how to plan for their upcoming duty stations to maximize their potential returns in the real estate market.  

Of course there will always be the needle in the haystack, but as an investor you want to maximize the ROI.