Sad way to start out but starting out nonetheless.

[Roy Langer]

My situation might be kind of different than most. This is all very morbid to me but I want to be prepared for the decisions I need to make in the future.

My grandmother passed away a few years ago and her house is in trust. I am currently the only person on the trust. My father wants me to have the house. I have an uncle who is in the later stages of a battle with cancer. I am the beneficiary of a life insurance policy that will pay $50,000. I currently have about $30,000 in credit card debt. My plan is to keep the house and to use this as my first rental. The house needs some work (probably $30,000) to renovate. That is a very rough estimate. I’ll know more when I get some bids. My question is should I pay off my credit card debt(which would leave me with a very nice credit score) and use cash to rehab? Or pay off debt and take a small mortgage out on house for repairs? House is probably worth around $160,000 as it sits now. Rental comps go for around $1800 in areas. Property taxes are 8k per year.

[Ken M.]

Quote from @Chelsea Price:

If it weren't for the love & sacrifices of my now deceased grandparents (I just lost my last living one 2 weeks ago) I'd still be the average American struggling with credit card debt. Thanks to my inheritances I've been able to honor their memory by paying off all my debts FIRST and then proceeding with other ventures. I have no advice or suggestions for you. Just leaving you with my experience that it feels really darn good knowing I did what they would have wanted me to do. I sleep well at night knowing I don't owe anyone (I paid off our mortgage, credit cards, AND 3 cars!) and I'm now free to do whatever, wherever I want.

.
I agree with @Chelsea Price: 
There are only 5 kinds of very bad debt.
1. Credit Card Debt
2. School loan debt
3. See #1
4. See #2
5. See #'s 1 and 2

They will ruin your life.
Okay, owing your bookie is the very worst, but that means you have will have a very short life.

Oh, and stop drinking soda, that makes debt even worse with bad health.