Research the options available, compare their benefits and risks, and decide which approach aligns best with your goals and preferences.House hacking is a great start.

While I understand the risks associated with investing in areas unfamiliar to you, my budget forces me to do so.

Plenty of people are happy they took those kinds of risks.

How would you manage risk? 

You are also putting yourself at risk working that way.

Investing in single-family residence fix-and-flip projects in New York involves purchasing distressed or undervalued single-family homes, renovating them, and selling them at a profit.

Instead of 40 houses cash flowing $200 each or $8000/month, you buy 10 houses and pay them off for a cash flow of $10,000/month with 1/4th the headache.People don't understand the amount of time, energy, and stress involved with managing a lot of doors, especially if they are lower-class properties typically needed to generate cash flow.

You mentioned the risk of an unsuccessful flip.

Make sure every dime is deposited into the trust account.Private lending, like syndication investing, doesn’t involve many transactions.

This one was strange because I ended up splitting the companies and partners involved in the deal so we liquidated halfway through the project.