I hadn’t thought about the risk of expanding my portfolio by having multiple properties over leveraged, although that seems to be a growth strategy that many use,  I’m not sure it’s one I’m comfortable with.  

This gives much better diversification protection across geographies, asset types, strategies, investment subclasses etc. versus putting all the eggs into one basket.The downside is that it's not for everyone, and a person has to be comfortable with turning over control to someone else.

This upgrade not only improved comfort but also significantly modernized the property.

If so, you may have less risk if you are comfortable with getting it rented / the MTR numbers.

A primary residence will most often provide more favorable loan terms so if you are willing to wait one year while you living in your new property and are comfortable with renting out your primary residence to a tenant, then getting something such as an FHA loan is a good strategy to minimize your upfront costs and hopefully get better loan terms.

Your income needs to be 100x it and you need to invest 10% of your net(so less than $5mil) annually in structured product type investing incl RE, let it season for 3-5 years, re-invest the first bit of profits and by year 8-10 you should be comfortable.$500k annual income is alot for your average folk, but it's not "retire me" income at all.

Get out of your comfort zone.

What is your comfort level? 

I'd feel more comfortable with 50/50, so the next big chunk goes to RE. 

How much can you budget for furnishings and all kitchen items and creature comforts for the ones you want to MTR.If you have a vacant 6-unit, you have great possibilities to try all strategies.