The first question would be Do you want a bigger house or do you want to live in your current house for the next x years?
The second question is do you want to vacation in the same spot every year? If you do than a vacation property might make sense but if you don't it is cheaper to just stay in hotels. They are generally very poor investments.
So if the answer is no to the above 2 questions than your just looking for investment advice. So rental property, stocks, mutual funds, bonds, etc are just various types of investments for you to consider each with their own risks and benefits.
I think the first thing you need to do is make the two emotional decisions: Bigger house, Vacation house or none first. Once those are answered you can make an investment decision on what to do for the remainder of your money
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