Boom To Bust...And Back?

 Like many of you on this forum, I had a nice real estate portfolio and a very nice income from it up until the middle of 2007. At that point things started going downhill and we eventually lost all of our properties.

Also like many of you, I have spent the last 5 years making lists of everything that I did wrong, and what I could have done better. There is nothing quite like kicking yourself when you are down.

For 5 years I have done very little real estate investing on my own. I own exactly one house right now, the one we live in. A far cry from early 2007. I make a good living as a building contractor and also work a part time job for the medical benefits. With 2 college age kids (my kids and my money go to college) and a very sick wife ( an expensive illness ), I am able to pay all of our bills and put a few bucks away every month, but I sure would like to start doing a bit of real estate again.

My last portfolio was all based upon leverage, good credit, and fast property appreciation.

I must admit that investing looks a little daunting to me these days. I am gun shy and lack a decent sized wad to get going. Plus I have been reading up on all of the rule changes over the last 5 years. Yikes.

Do any of you have any recommendations? Should I start with an assignment in order to pick up a few dollars? Subject-To? Lease option? Just not sure where to start anymore.