You want to buy more rentals, so why not use the money to get started on that sooner rather than later? 

You can even use an FHA 203(k) to buy a fixer-upper and finance the repairs in the purchae mortgage.Otherwise, you CAN buy a property on a land contract with an existing mortgage.

We are not currently interested in buying rental properties locally, due to how crazy tenant laws are in California.

But, almost everything seems to involve buying/selling in some form, and that means agents and brokers.

But if you are buying property in cash for, say, $200k, and need 50-100k for rehabs, that is a totally different risk profile for your lender.You could consider partnering with someone with experience.  

The builders offer credits to buy the rate down, or they offer a discount if paying cash, so these make sense.

I've tried to buy decent properties in decent neighborhoods to minimize my risk, which also means there's not a TON of monthly cashflow, but I'm in it for the long haul and really truly looking for passive income or at least as passive as it can be. 

Investment Info:Small multi-family (2-4 units) buy & hold investment in Saint Louis.

Investment Info:Single-family residence buy & hold investment in Weatherford.

Looking at REITs, farmland, maybe buying land at auction.