Need directions. Credit advice

[Dustin Strahle]

Long story short, I have owned homes most of my life.  I remodel houses and most of my houses in the past have been bought cheap, fixed up and sold.  I went through a divorce 7 years ago and screwed up my credit.  I have been renting since.  My mother and I have inherited a house worth about $80k free and clear. After lawyer fees, 2 years back taxes, and other estate issues we will clear atleast 50k possibly even 60k+.   We would like to invest that money into a house for us, and a rental (or 2).  My mother is retired, I pay a crap load in child support.   How is the best way for us to invest this?  Is it better to buy a rental and then show that as income? Or is it better to get out of the house we are renting and buy us a house first?  I don't or would rather not live in a multi family.  I also want to keep some cash back for repairs, or to make payments if the rental is empty etc.  Someone give me some advise of which direction to go.