I will be getting $800k. What should I do?
A commercial property I have a partnership in will be sold. This is essentially an inheritance, as I have never actively invested before. If I reinvest it doing a 1031 there I will have 800k cash, and I would need to buy at least 1.2 mil in property for the 1031 to fully work.
I would like to be actively involved in real estate. My job now is interesting and pays fine, but real estate is more exciting. Also I think if I compare equal amounts of hard work at my job vs. running a real estate investment business, I will make more in the latter. All that said, I realize it might be good to take it a bit slower at first, especially since I don't know what I'm doing yet.
How would you invest this money if you were me? Not looking for a mentor, just for perspectives from a wider audience. Already have a mentor of sorts.