That is a really broad question. 

How did you go about defining your roles?

You would have to follow a formal legal process (defined by your state laws).

Approx. 1.5x the amount in your checking and savings account : ) This is an incredibly broad question because you are asking about an entire state. 

This is pretty broad I found as my Berwyn property qualified, and it is a nicer property.

You will want to define your goals for RE investing.

One thing you might find as you get deeper into various asset groups and with time/accumulation is that you don't necessarily have to wait for broad market crashes to find attractive opportunities.There can be groups or individual securities that are depressed while the remainder of the market is steaming upward at full speed.

@Darren Hicks - can I ask how you're defining CF?

Define your short and long-term goals. 

I'm sure many of you can remember the Global Financial Crisis that occurred between 2007 and 2009 due to the government’s encouragement of broad homeownership induced banks to lower their rates and lending requirements,5 which spurred a home-buying frenzy that drove the median sales price of homes up by 55 percent from 2000 to 2007.BAs a result, Banks were handing out loans like candy to anyone and everyone, combined with the explosion of the United States run-up in housing prices fueled by demand, speculation, and exuberant spending to the point of collapse.This crisis damaged financial institutions globally which led to a loss of more than $2 Trillion from the global economy!