Help me spend $50,000

[Colby Campbell]

So as fortune would have it I just got $50K and I would like to use it for best use. I am looking at two options and want the experience of you to help me decide.

Quick Background: Its been over 15 years and prior to a severe back injury I flipped houses, and did around 50 homes over 9 years but I did a majority of the work and they were all within the city where I live. I have kept up my contractors license but I haven't done any major work due to physical limitations for years. The city I live is limited on quality workers or construction companies, that I know of. I haven't been in the game for a while now.

So I am looking at two options:

Option 1: Use $30K to finish fixing up our 1890's home. Once complete it would have roughly $100K in equity, the remaining $20K would be used to purchase investment home(s) in my area or get help to invest in multi units or duplexes outside my area, as the market where I live is limited on selection

Option 2: Use the entire $50K to purchase investments

While I am not new, I am treating this as I am new to investing as I have never had rentals as a business model and its been years since I have done anything and laws, economy and rules have changed. 

Open to your suggestions and questions to think about.

Thanks Team!