Helpful advice for a young newbie

[Phil Na]

Hi there, this is my first time posting on BP but I’m a long time listener. I was hoping to get advice for a situation my wife and I are in. We currently have a 4 plea on Los Angeles that is split 3 ways between the family, completely paid off, and appraised at roughly $1 mil. We are selling the property and taking our shares. Let’s just say $300k for easy numbers will be our take away. For some quick facts: - $300k in hand -current home purchased for $280k in Houston,Tx -zero property tax owed due to veteran disability -we pay mother in laws rent - $1000 a month - WANTING TO BE FI / FR!!!!! So with all the experience on here, should I pay off my current house and rent it out or buy a rental property with a good down payment? Any other options are kindly accepted. This will be our first rental property we’ve done on our own. Thank you in advance for the help!!