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Diversified portfolio of stocks > concentrated risk in one real estate asset
I would only put it in rental property if you really *want* to put it in rental property. Stocks are a much easier way to make money.
If you do buy a place I would consider buying something you can live in as well, such as a duplex of some sort. It makes it much easier to get a handle on things for the first year or so.
How old are you? How much risk can you take? How much ability to deal with renters?
If you want to hold long term, and stocks provide good dividends, then you can pledge and get stock secured loans at low interest rate and invest that money to beat the borrowed interest. The dividends keep coming though. Did it just now.
Just remember that rentals will be more like a second job rather than passive investing. Can be lucrative, but cuts into precious free time when in an industry that demands longer than average hours to begin with.