I have seen the log yards almost empty during the crash.. they are producing big time. 

I would save every single dime they produced until you have a nice reserve.

@Angelina Mele Research a few top producing agents in your area and see if they are looking at add to the team.

So if the goal is to be a a full time agent and a part time investor, then I would recommend to go shadow a top producing agent in your area.

You do have a very special asset in yourself that has the potential to produce more long term value than the construction companies can ever produce.   

Looking within your market to find the right house that would work for you financially, but would also have potential to rent, whether fit be a multi unit (2-4) or just a single family with an extra bedroom or in-law suite.You can then use an owner occupied loan for low money down and get yourself a tenant/roommate so it is income producing!

But I also want to purchase something affordable so that I can still produce some sort of cash flow by renting out other units/bedrooms.

I think its really a matter of the availability of the structures you are looking for...we mapped every parcel in Columbus, Cleveland, and Cincinnati and found an interesting ratio and concentration of between 20,000 and 25,000 structures that have a land use code consistent with multifamily...all 3 metro areas have about the same number of people...and I suspect this pattern holds true in a lot of metro areas...I guess the point is the effort needs to be sourcing a deal "off-market"...a bit of strategy can produce the property you are looking for....there are some other building patterns we would with the Low Income Housing Tax Credit program...do you have an idea on the unit count you are looking for? 

For example, a first time BRRRR may trap 10% of ARV, but produced tens of thousands of additional equity creating a great initial return that could counter mediocre or poor initial cash flow to bridge the time gap to where the cash flow is good (from rent appreciation.  

However, I need to refinance to get a better rate and lower my monthly payment to produce more cash flow.