To get to where the restaurant, library, summer farmers market and other shopping are is about a mile down the road.

I would recommend diversifying three ways:1) capital stack location: debt versus equity. 2) commercial versus residential (you can invest in single-family homes through passive investments as well)3) commercial real estate asset class types (mentioned by others such as medical, fast service restaurants, retail, etc.)Each of the different choices has a different risk reward profile, so it's important to first understand what those are, then take a look at your own risk profile, and then come up with a game plan of how you want to structure your portfolio for diversification.

Seaside, OR right on the beach and walking distance to shops and restaurants

a friend of mine that owns a restaurant mentioned to me once that he bought a house in a neighborhood behind his restaurant to use as storage for his extra supplies.  

I used to live off of 8th Street in Beech Grove behind the Italian Restaurant.

And not just multi family development - retail, restaurants, city improvements, etc. 

In my 20's I owned a restaurant business.

Now i dont want to sound like I am a racist or anything (my ex wife is Mexican and my wife is Japanese) but our govener moonbeam has said that all of the illeagals can come here, stay and get all the free handouts they need!

You could easily throw tax lien investing, lending, owning a shoe store, owning a restaurant or starting an online retail business into the mix as well.  

It is in the "path of progress" and has great architecture with a bit of a hipster vibe with restaurants,  coffee shops, breweries, art studios, etc opening up.