We have an unexpected 20k. Now what?

[Nina Erickson]

Looking for some advice as we are new to real estate investing but want to get started ASAP! We inherited $20,000 unexpectedly. We only have about $5,000 in emergency savings, although our living expenses are quite low and our rent is only $700. We do want to live in a bigger home as soon as possible. We are considering buying a duplex and living in one unit which would allow us to live in a bigger home while also investing. However, in order to meet the 1% rule and get something we can afford with only 20k for down payment/closing costs, we will have to make some sacrifices about location and cosmetic features. We are concerned about not having cash reserves, but plan to continue to save at least $1000 per month even if the rental income from the other unit is paying the mortgage. We are excited to get started, but overwhelmed by the wealth of information and concerned about jumping in too fast without enough money in the bank. Any tips? Recommendations? TIA!