A few questions for those who have experience with this: 1.

how much experience do you have?  

I have experience with minor to medium size rehabs but nothing as extensive as needed here.

I have sold a couple of businesses as well, and speaking from experience, you are never more vulnerable to make a mistake than when you are sitting on a giant pile of cash.Also, I agree with @Corey Conklin - I'm a big fan of "overflow cities/towns" in the sun belt.

You need to work with a property manager that has experience with this, unless you plan on doing it yourself.

Also, long term, I expect Sac will enact tougher restrictions on STR, given the intense housing crunch we're experience, so I personally don't expect that to a be a good long term strategy.

@Blair Ross Jr depends on how much experience you have with investing in rental properties.

I would recommend talking to many lenders/brokers to see which one has the most experience funding these loan types. 

From sourcing turnkey rental properties to finding long-term residents, and comprehensive property management, our expert team offers a full-service solution for a truly stress-free investing experience.

Starting with an owner-occupied duplex is a smart way to build equity and gain experience.