About to get 80-90k settlement, how do we grow it?

About to get insurance settlement around 80-90k after lawyer fees. Want to use (most of) it wisely. Details below, and any advice or tips welcome.

Plan so far:

- $10k emergency fund in savings account
- $30k in RESP for our two kids (11 + 9yo)
- $10k for a family trip (not wise, but never been on one before as a family apart from local camping etc)

That leaves about $30-40k that we’d like to grow. No experience investing. Wife wants to use it toward a down payment on an investment property, but I’m reluctant to put it in real estate.

Details:

- Homeowners: $1500/mo mortgage payments, $198k left on mortgage (3.1% fixed, renewal in Spring)
- $23k in HELOC debt (4.95%)
- 2019 vehicle, paid off, no car payments, just maintenance costs
- income 1: $95k/yr
- income 2: $40k/yr
- $16k in RRSP
- zero savings beyond that

Do we pay off the HELOC first, or are there investments we can leverage with a higher return than the interest rate on the HELOC?

What are some strategies to grow what’s left for our retirement in 20-25 years?

My wife wants to put a down payment on a condo, rent it for 20 years, then move into it at retirement and either sell our detached home or give it to our kids when they’re grown.

I’m inclined to look for other investments that aren’t real estate and just forget about it for 20 years.

Thoughts?