Debt, Investing, and Market Timing?

[Samantha N.]

Hi BP,

I'm a soon to be investor trying to educate myself as much as possible in the months leading up to my first investment. I have a question I'm hoping I can get some opinions on, knowing that no one has any perfect answers or knows the future. Here are the elements that go into my situation:

1) Currently in mid-range salary job (60k). I'm 30. Have a bit of personal debt I hope to get rid of by July. 

2) Salary will jump up to 350-550k/yr next July (I'm a professional)

3) Looking to get into real estate to create passive income. Currently hold no assets.

4) Holding 300K in professional school student loan debt at 6.8%, plan to refinance perhaps at 5%

I'm trying to figure out my strategy for avoiding taxes on my high salary/income that will start soon, and hoping to invest aggressively in the next few years in order to set myself up for passive income in the future. I lean towards the ideas of multi family and apartments, but I'm open to a lot of new ideas as I keep learning. 

My question is what is people's opinion on where I should put my money first? Is it better to pay down my debt quickly or invest quickly and try to pay my debt with income from investment? The other bit of my question is whether anyone's opinion is changed at all by the commonly held idea that the market may be topping out a bit. Maybe better to pay debt now and use capital later to buy assets when they are cheaper? Just wondering what everyone would do if they were me. 

I know it's a complicated question. Thanks in advance!