Which way to go cash flow or construction ?

Hi

Im trying to decide between cash flow or constuction for the next stage of my invesment journey.
Ive got about $200k and a couple of cheap houses in the US which have declined in value since I
purchsed them but still put $600 per month clear in my pocket.
Ive been in and out of a few deals here in Australia over the last five years.

Ive also been self employed for the last four years. Im bearly making enough to cover my living costs right now.
I dont want to go back to work in the hated office job I left four years ago.
Im mildly autistic and dont socialise well with other people so I cant just go out and get a job from the newspaper like a normal person would or rely on a soical networking.

Here are my two lines of logic …..

1) Cash flow
Take my $200k and invest it at 20% net. This could invole a block of flats in country australia a cottage in Newzeald or mabey highly leverage dweling in Port Healand. I done alot of investing and im confident if I spent every waking hour scouring the whole country I would find what I want.
The 20% would be achived by finding a 10% net and borrowing 80% with a low doc loan+mortage insurance.
I dont really want to go back to US after the bad experices ive had there but wouldn't rule it out all together as a last resort.

My new Australian purchases plus the two US properties would give me about $950 pw and I could kick back and enjoy life and just earn a little bit extra on the side if I needed it. Im single and have no commitments.

2) Construction

This involves going to some boom town area where land is cheap and growth is high. Building a duplex to start with selling off one side and using the profits to pay back to mortgage on the other. Then using the remaing half duplex as security for the next deal. I would then build say a 4 units sell three and keep one and keep repeating unit I have a
large porfolio which I would almost own outright and several rents I could live off.

This is obviously the more powerful stratedgy but it will take mabey 5 to 7 years to complete and place me under huge stress because I dont have much income. I would obtian the loans by using low doc and bluffing ( this has worked before)
and put aside one years worth of repayments. Although if things went wrong contruction was delayed etc it could become very stressfull. 

Im also relying on the fact that I can create a 15-20% net profit from building. This seems to be doable based on my superfiscal research but ive never built before so im not 100% sure.

Other considerations …..

It wouldn't surpise me if the Australia property market declined in the future although I dont think it will in the next year or two. I doubt rents in Australia will decline I think they will just keep going up.

If I went cash flow and prices did drop in a couple of years I could end up owning a bunch of propertys which are 100% mortgage although I would still be getting the rents. I could end up having a net worth of $0.

If I went construction and the market dropped say in the middle of my third deal Ive already locked in the profit from the first two. Even though the prices of my propertys would decline they are mostly my own equity anyway so im still left in a stronger position.

 Any andvice and comments are welcome.

Mark.