My question is this: should I be throwing all of my money at paying off my debts before investing, or would it be wise to save my money for the up-front expenses of my first investment property (while of course making the necessary minimum/moderate payments towards my debts)?

Consider consulting your CPA before you take action.I urge active BP Members here who are Tax Specialist/CPA's and familiar with Real Estate and 1099 to Moderate this Post going forward.Thank YouBest RegardsKishore P

To learn more about the prohibited transaction rules, see the following. https://www.irs.gov/retirement-plans/retirement-plan-investments-faqsIf you decide to invest your IRA in real estate, IRA Services Trust Company is in your area so it may be worth reaching out to them so that they can explain what their requirements are to hold IRAs for investing in real estate, as most big banks like Wells Fargo and Chase  don't offer IRAs that allow for investing in real estate.For the most part, the types of investments that cannot be held inside an IRA are:Artwork,Rugs,Antiques,Metals - with exceptions for certain kinds of bullion,Gems,Stamps,Coins - (but there are exceptions for certain coins),Alcoholic beverages, andCertain other tangible personal property.

Its all relative, moderation in all aspects.

P.S. to moderator.  

@Jordan GrimstadI only see the inspection waved with cash offers and with experienced investors that plan a complete gut.I wouldn't recommend it for anyone starting out or when only doing lite to moderate rehab.

My guess is the moderators removed it because it might be considered advertising, and this particular thread's forum does not permit that.

Ryan, you forgot a step I think:Pour gasoline, then the match.Anyway, spraying with rubbing alcohol, min. 70%, repeatedly, like twice a day.

Moderate rehab on the whole house, Roof, kitchen, bathroom, floors, ceiling, walls, electrical, and plumbing.

Are you also going to ask them to fill out a survey about how much alcohol they use weekly?