My husband and I are being given a lump sum of money from the passing of a family member. We are thinking of buying a small condo in the Destin, FL or Gulf Shores, AL area... we prefer Destin. This would not be a posh, large condo but hopefully sleep roughly 4 to 5 people.
We own a home in Missouri and have children. We are in our mid forties. We are considering paying off our Missouri home... or buying a condo to use as a family and rent out the majority of the year. My very simple question is... what is a better use of the money? Buying an investment property or paying off our new house to owe nothing?
I know there is no "right" answer and this involves a lot of variables. We are still young enough to somewhat manage a property from a distance. Husband works full time I work part time currently. Can someone point me to material to read so we would have an idea what we'd be getting into... pros and cons? Any help is appreciated. Thank you!
