What should I do with rental income?

32M. Fiance and I both became debt-free this year. No savings, all gone to wedding but we haven't gone back into debt.

I own 50% of a ~$1.2m home (outright) that will soon be generating rental income.

Fiance and I live a nomadic seasonal lifestyle and work interstate/internationally. Both low income earners but we make enough to get by and save very modest amounts.

Soon I'll be accruing somewhere in the neighbourhood of $22k/year passively through property rental. I've never had an asset generating income for me before and I don't want to squander the money.

How can I best use this income stream to set my family up for the future?