Pay YOUR debt, highest interest rates 1st. Let your step son pay his, or some day he'll be saying he's a complete idiot with money.
Try mlcalc.com, enter loan amounts and interest rates, you need to see what you're paying to borrow that money!
Buying is always better than renting. I will say, the market is INFLATED. I just sold a house for 10x what I bought it for 8 years ago. If you're looking for a long term hold, go for it. If you're looking to flip and make 25+%, wait till the next recession. Just my 2cents....