If you are a beginner, I highly recommend exhausting your conventional options.

Highly recommended.

I think it is fair to say that there is somewhat of a tradeoff between markets that provide positive cash flow on day one and relatively high appreciation-based markets.

I have liquid assets and want to make smart, scalable investments that balance cash flow, appreciation, and low risk.GoalsGenerate consistent cash flow to diversify my income.Maximize appreciation potential for long-term wealth growth.Invest in areas with low crime rates to minimize risk.Reduce my tax burden for 2024 with real estate purchases.My Current ThoughtsI’m torn between two main strategies:Multifamily Properties:Looking at markets like Austin, Raleigh, and Tampa for 10-50 unit multifamily properties.Love the scalability and centralized management, but I'm concerned about high upfront costs and competition.Section 8 Housing:Considering affordable markets like Memphis, Cleveland, or Indianapolis to purchase 5-10 single-family homes.I like the government-backed rent stability, but managing multiple properties across different locations seems intensive.Key QuestionsWhich strategy would you recommend for my goals and liquidity?

The rate will also be high. 

Earthquake fault zones, flood plains, and high fire hazard areas are off-limits.

If the seller is insisting on a high price with not-so-hot financing terms, though, this may be a riskier project than it's worth.

I've walked their properties in-person, and their build quality is good.

https://www.biggerpockets.com/forums/12/topics/1122318-quality-turnkey-companies?

I highly recommend the book real estate by the numbers.