ready to get started, but how?

[Katie Andrews]

I own a condo here in Los Angeles that I just finished refinancing and renovating.  Learned a lot, got scammed only slightly on this first renovation, so I suppose it all worked out okay in the end.  I work full time as a teacher and I travel, so I'm going through a property management to get it rented out.  My time and inexperience is worth paying someone who knows property management. I finished the reno during fall, so my condo is still not rented out.  I'm hoping that will be soon. (And how do you know when to switch property managers?  How long do you give it with no or few results?)

Because I stupidly put a lot of the reno on credit cards (lesson learned, paid off now), my credit is still recovering.  However, I just came into some money, about $50k, so except for my credit score, I think I'm ready to start investing... but am I really?  Should I take a few months and improve my credit score?  Let my condo get rented out and save some of that money to invest also?  Or just jump in and invest in something small?  I've read BP articles, books, done reno, know a good bit about what reno costs, and have helped a family member look for a good house to buy.  And I've looked at a few houses, walked away from one I knew was a bad deal (foundation issues, roof, flood zone, zombie houses around it), and waited too long and had houses bought before I could make an offer. I feel like I've done homework and had real-life experience.

That said, I'd like to start investing in Louisiana, where I plan to retire in a few years. It's where I'm from, where my family is, where I'll return to. And the housing market is much different than Los Angeles, obviously. However, I want all my money to end up in the same place, and to that end, in about four years when I retire, I'll sell my condo, use the 1031 rule, and invest in SFH in Louisiana. I'd just like to get a jump start on that investing now, since retirement is still a few years away. I'd like passive income from both my LA condo, and from where I will be living.

My question to the forum is, how to start?  Start small, by buying something like a mobile home in a good area?  (But would there be any equity in a mobile home, or just long-term passive income?) Or buying a small house, doing minimal reno, letting it accrue equity, then buying another small house?  Any and all suggestions welcome.  Thanks.