A lot of investors in your shoes look at markets like Vegas for their first deals because entry costs are lower, cash flow potential is stronger, and you’ve already got connections there, which is a huge plus.That said, California can still work if you’re open to creative strategies (house hacking, ADUs, or targeting less expensive submarkets).

I’ve been in a similar spot (juggling retirement vs. real estate savings) and here’s a simple framework that helped me and others in your shoes:1.

Here’s what we’d do in your shoes:1.

Down the line you can roll equity forward via 1031 exchanges, tap depreciation/cost-seg benefits, or scale into single-family rentals if you decide that’s the path.Everyone’s goals are different, but if I was in your shoes I’d use that first purchase to both lower my own housing cost and start building a portfolio.

So in your shoes, I’d be tempted to keep the Denver place as a “forever loan” property and then look to diversify into a more cash flow–heavy market for your next deal.

If I were in your shoes, I’d pull a portion of the inheritance (not all) and do one flip in a lower-cost, stable market like Louisville, ideally with a trusted contractor and strong comps.

Maybe I just got a horse-shoe up my wazoo but so far, batting 1000 after a few years into it.  

What would you do if you were in my shoes?

But I’d love to hear your take: If you were in my shoes, how would you start building experience while waiting for the funds?

I would tell myself - 1) Do not always buy food, clothes, shoes, junk, etc.