Sell home and invest cash into S&P while renting or live in home and sell later on?

27 yo married couple no kids living in MA. Dad just gave me his house which is probably able to sell for about 600-800k or potentially more. No mortgage.

Debating on moving in and just living there, or investing the proceeds while continuing to rent. We have been paying 2800 a month in rent and have a combined income of about 9k a month (plus what i make on commission bonuses which has been around 40k last year but not always guaranteed).

I’m really tempted to just invest the money as it would be a massive help. But we would have to rent for around 10 years to avoid market uncertainty and my wife really doesn’t want to. I don’t want to either but i understand the difference in home appreciation and S&P return over 10 years are significant.

Basically we would be able to buy a home and have a massive amount of money in savings for our kids and future, but be older when we do so, vs live in a home right now but have less money in 10 years.

What is this subs opinion?