Need directions. Credit advice
Long story short, I have owned homes most of my life. I remodel houses and most of my houses in the past have been bought cheap, fixed up and sold. I went through a divorce 7 years ago and screwed up my credit. I have been renting since. My mother and I have inherited a house worth about $80k free and clear. After lawyer fees, 2 years back taxes, and other estate issues we will clear atleast 50k possibly even 60k+. We would like to invest that money into a house for us, and a rental (or 2). My mother is retired, I pay a crap load in child support. How is the best way for us to invest this? Is it better to buy a rental and then show that as income? Or is it better to get out of the house we are renting and buy us a house first? I don't or would rather not live in a multi family. I also want to keep some cash back for repairs, or to make payments if the rental is empty etc. Someone give me some advise of which direction to go.