What would you do in our financial situation?

[Lux Bai]

Hi guys, 

We're a young couple in our late-20s living in New York City.

No house. No car. No children. No debt. 

Combined income $220k-$280k. SO is a software engineer. I run a small Airbnb biz.    

Liquid $530k - mostly IT stocks. Entered way too late (last Nov), didn’t make any profit.

401(k) & retirement $250k

We also have two apartments in Shanghai under our names gifted by parents, but our parents collect the rents. They are more like an inheritance. 

My question is that...how would you distribute the $530k if you were in my situation?

Here are some of my ideas...First of all, sell stocks, then...

A. Use $100k to go back to school and get another humanities/art degree (I’m a self-employed Airbnb host, won’t affect income)

B. Use $100k to start a business/non-profit related to my passion.

C. Invest $250 in ETFs that actually have a stable 5%-10% return.

D. $200k down payment a 1-bed/2-bed apartment in Brooklyn and rent it out as Airbnb.

E. Get a $300k loan from parents plus $200k savings to downpay a $1 million one-bed luxury condo in Manhattan and just live in it.

F. Same loan + savings to downpay a $1.5 million multi-family townhouse in Brooklyn/other cities and rent each unit out as Airbnb. 

G. Get out of NYC and invest in multi-family properties elsewhere. Flip or Airbnb. But WHERE???

I suppose there are many possibilities but right now I still haven't done anything except waiting for the next collapse...One thing is that we don't have "green-cards" yet, so we cannot buy co-ops. It's also harder for us to get a loan I think. Only foreigner-friendly investment can work. 

What would you do?