If you do sell, think about where you’d put the money, whether into more passive investments like index funds or REITs, or possibly diversifying into a different market with better opportunities.If you decide to keep renting, you’re in a pretty solid spot right now.

Everyone will have a different opinion on this but personally I'm not a fan of new construction.

@Dylan Gomez When selling your inherited property, your taxable capital gain will be the difference between the sale price ($380K) and its stepped-up basis (the fair market value at inheritance, likely $250K), minus selling costs (e.g., realtor fees) and documented remodel expenses ($50K).

I’m potentially looking to purchase a mid-term or long-term rental property in a different state because I feel I may be able to find better deals elsewhere.

My family made theirs in real estate (house hacking a private money funded 4 family when I was little) so two different philosophies.

Lots of posts on different companies so be sure to check out what people have said about vendors you are considering doing business with.

Use a payment processor to pay the original note and any wrap if there is a 2nd position secondary note that pays the seller the difference between their current mortgage and the total sale value. 

This will save you time and effort, as you won’t have to travel long distances to manage different properties or handle tenant issues.For your first investment, I suggest starting with 2-4 unit properties.

I always felt kind of like I will not be scared out of this neighborhood but I am very different now that I have kids.

I'm sure you'll get differing opinions but this sounds more clean and simple to me.