It's like planting a tree and waiting for it to bear fruit.You need patience to see your investments grow and achieve your financial goals.

Initially was thinking closer to LA … Palm Springs, Big bear, Joshua tree etc.

I think you would bear too much market risk with rates.

I've attended one called Bears and Deals that is focused on Multifamily that is really fun. 

@Richard Purdy put at least some of it into an interest bearing account so you have a cushion. 5% is easily achievable with many savings banks.

The market won't bear the price you paid as you nearly always paid far too much.3.

Account 2: Transfer taxes into this account (interest bearing savings)Account 3: CapEx/Repairs account (interest bearing)Account 4: Net Profit goes into this account.

Local law dictates; in TN it is supposed to be held in escrow and no one would ever pick an interest-bearing account as that interest belongs to the tenant as I understand it. 

Note: This was just 1-2 months before signing RTR contract and prices didn't fluctuate a single $ and was as promised (was assured they will bear any unpredictable price hikes which they did) .

Bear in mind that this route still costs you time to learn and time to implement, identical to the first route.Depending on your feelings to the above routes, the final major route you can take is to invest in major REITs that invest in multifamily.