Just started a new business. What are best investment options?

[Steve B.]

After getting laid off from another job about a year ago, I opened a music lesson school. I’m already profitable with a monthly cash flow of $6k to $8k. Since my time is flexible, I want to get into real estate investing. I live in a single-family home that Zillow has valued at almost $700K and at least $550 of that is equity (I bought this in 1999.) I also have about $800K in savings, of which about $250K is non-retirement cash investments. I am 57 years old married with two kids graduated from college. I have no other debt other than my mortgage balance of about $130k.

So the questions I am trying to answer are, what is the best way for me to finance a real estate investment (especially considering I just started a new business and don’t have long-term verifiable income)? How much money should I invest? And what types of properties should I be looking at and where? My ideas are all over the map, literally. I just got back from Puerto Rico where my friend has an Airbnb rental that’s doing fantastic. I also have a daughter at home who would like to move out so thinking maybe I could buy a place she could live in. I’m also very interested in having a rental in Hawaii.

I know that’s a lot of information, but hoping someone can give me some ideas!