You need to seriously study other investment options.With 1.6M in equity with a base opportunity investment value of 10% (easily achievable in moderately conservative funds) your equity value should be earning you 13.3Kper month income.

At present,  I am educating myself as much as I can on the art of wholesaling (via BP, podcast, print, and NOREIA meetings) and I am also studying to obtain my real estate license.  

Since learning about real estate 1.5 months ago, I have been studying like a mad man and was incredibly close to buying my first place (which seemed like a great day and may have been) after two weeks of studying but luckily ran into a very successful Real Estate Investor who talked me out of it.

Read study read!!!

I have been studying up on investment metrics and have recently been learning about using NPV to compare investments. 

I was in the same situation, studied for years then was super anxious to make the first purchase becasue I didn't want to wait anymore. 

Study up on other rental properties and decide if you go with flow or make your own properties stand out!

The study, they run the numbers, they talk to people, they know it's a deal and they still freeze up. 

@Ryan Ohls If you're interested, I've pasted a link to a market study I performed recently.

As far as locations go you really need to study the market and get familiar with the area.