Best Way to Invest Extra Dollars Monthly in Real Estate

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Greeting BP community.

I would really appreciate your input and expertise. Quick summary, my wife and I moved from Chicagoland to Indy to improve quality of life and this also means have extra dollars to invest monthly. I am thoroughly enjoying BP podcasts and the getting more involved in the forums as well. 

I am trying to determine the most effective way to increase our income streams in the real estate sector. We have available 1,500-2,000 extra savings available per month and like your opinion how to allocate those dollars in the real estate sector. We're open to any ideas/direction? It's very possible there's an option not aware existed.

We do have extra savings that could be allocated for a down payment but not sure I am ready to go that direction quite yet. We just moved to Indy and even though I'm getting a weekly education where to invest we're not quite comfortable where to invest. 

Both my wife and I have full-time jobs and like to purchase buy and hold but not quite ready to go that next step. I have future plans to buy and hold however my wife is little reluctant to be a landlord so hoping this could be a way to ease into the process.

Thank you in advance for your expertise and time. 

Here are a few strategies for limited management off the top of my head...

Invest in a limited partnership where you are a limited partner.

Buy land.

Real estate tax liens.

REITs or ETFs or real estate mutual funds in the stock market. Tangentially, real estate and home construction focused company stock.

Buy notes or become a hard money lender.

If you don't have a large retirement account, you could start small with one of the preceding options and when it grows enough, you could purchase a rental where all income is tax free/deferred. (Self-directed IRA)

Commercial or residential real estate with a triple net lease. The triple net lease makes the lease holder liable for most all expenses and repairs and is typically significantly less management. Often this is used with a commercial property with long lease periods 10+ years.

Buy a new property and get a property manager.

Paying down any home loans you have now would be most conservative. You can always do a cash out refi to fund a project in the future.

Have you guys considered house hacking? You could buy a duplex and live in one side and rent out the other. Find the Indy forum and start reaching out to locals. Being local you should have no problem making connections and finding a rental to purchase. As mentioned above REITS are always an option. If house hacking isn't your thing buy a SFH and have a PM handle it for you. If you find you don't like it you can always cut your losses and sell.