Newbie investor looking for advice

@Monique Kamaria Chheda

I agree with Nicholas' comment. REITs if you want passive. I have a few REITs (apartment complexes, commercial real estate and self storage).

Second choice would be real estate debts funds. You would need to vet the organization.

I'm going to be the contrarian with buying "affordable, turnkey" properties far away such as in the Midwest and South. Unless you personally supervise the renovation you don't know how good this supposed turnkey home is - the expression "lipstick on pig", pretty house hiding lots of problems. Even if you have an inspection done, the inspector isn't going to open up walls. Turnkey companies range from great to terrible. 

I put down just under $30,000 (20% down) each  on 2 Class C homes in Indianapolis in 2023 that were $130,000 and $132,600 - total of $58,000 with closing costs. For context I did live in the Indy area so I didn't pick a random city far away.

First one was renovated by the seller, passed inspection except some minor repairs (costing me about $1500). I'm -$300 to -$500 a month when tenant calls for repairs and net $100 a month when there are no repairs. Property management company charges 10% of the rent each month. House #2 which has more problems than #1 house I decided to cut my losses and sell it. Additional costs on these 2 homes: stolen AC unit, new roof, numerous smaller repair issues (sink leaking, heat or AC not working, etc). These were move in ready homes bought on market (not turnkey company). I will most likely sell house #1 at some point, unsure if it will appreciate enough to make up for all my costs. This is definitely not passive being on calls with property managers and plumbers, etc. frequently. 

I'm so upset. I could have used that $58,000 (going to guess I've spent over  $70,000 total so far with all the repairs) towards an appreciating asset closer to, other less expensive part of California or Nevada. I've talked to many California investors who bought inexpensive properties in the Midwest mostly, some in the South that have lost money. 

Just be careful if you buy any property locally or especially far away. You really need a good knowledge of construction and what things cost for HVAC, flooring, plumbing etc.