We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

Others I know have invested further around, e.g.

Hello @Hudson Filippi FHA does have a One Time Close construction loan that will allow you to build a home.

If you have a truly superior and/or unique product it will be easier to not have to compete with price. 

There are several steps before evaluating deals, but you may have done them.

ask questions.also, you have to have money to invest. 

I did have experience operating LTR's to bring to the table, but even if you don't, it's not that much more complex.

You have to run numbers and decide after that.

If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.

For those just starting out: keep taking consistent action and small steps.