Inherited a home... Equity to use... What would you do?

[Kevin Brink]

I am beyond blessed to have inherited a home from my grandfather. It’s fully paid off, I own in outright. It’s worth roughly 550k. Those who have experience in buying rental properties, what would you do if you were in my shoes to get your feet wet? I live in Souther Cali, but not sure about buying a property out here as it’s crazy expensive. But I’m not sure about the challenges of buying in a different state either. Yeah I got a lot to learn, but just curious from the pros or those already “in” the biz what there strategy would be with my super fortunate, blessed situation. Two options I’ve considered are: 1) Buying a home, renting it out w/ tenants or Airbnb. 2) Buying a lot, putting a manufactured duplex or 1-2 premise container homes on it.

Thanks!

A little more info: credit score is 740ish, wife is closer to 800. We are scraping by financially, netting about 30k... I do some under the table jobs to help get by. Our debt involves about 6k in student debt and 22k in car loan debt.