A high quality SFR in Austin will pay dividends in the long-run, and don't invest for anything but that. 5-6 years is too little, but if you are to expose yourself to that I would still take Austin.Those deep parts of SW FL are cyclical with retirement up & downs on economic recessions.

The only thing likely to increase with this coming recession is supply. 

We like self-storage because even if there is a recession, and people downsize, those people will have a need for self-storage, as evidenced by storage occupancy rates during past recessions.

Investors are afraid a recession is coming.  

We like self-storage because even if there is a recession, and people downsize, those people will have a need for self-storage, as evidenced by storage occupancy rates during past recessions.

I like these amongst ,many other right nowREXR - (Rexford) they are a niche (sub-specialist) in industrial warehouse/distribution/manufacturing in the southern California only urban or Infil area, they are not international like PLD - prologis, their MOAT is that SO-Cal has geographic limitation to new inventory, so they have rent pricing power that industrial in rest of country doesn't, also 26 million people in so-Cal and the 2 busiest Ports in country, their earning/revenue projections next few years are best in class, and they are cheaper on price to book than PLD or others, I own some and will buy a lot more in upcoming Recession, likely in next 6-12 months, when publicly traded equities will likely slide by 20-30% although their assets (physical buildings) are only going up in valueVICI- (casino REIT), used to be part of Cesars palace, then Caesars spun them out in 2018, to do sale leasebacks of their properties to take all that physical capex off the books.

After the GR (Great Recession) we did these types of loans through a pool (group of properties in a tranche) on lower-cost, lower-rent property.

Economists:It is said that there are 4 phases of a real estate cycle: (1) RECESSION (supply greatly exceeds demand and high vacancy rate); (2) RECOVERY (rental growth remains stagnant with little signs of new construction but the economy feels like it is headed in right direction); (3) EXPANSION (job growth is strong and increased demand for housing. 

Stick to <65% LTV's: in all of the recessions, including the great financial crises, housing prices have never declined more than 30%. 65% is a staple number for most hardmoney lenders for this reason. 3.

So it makes it very difficult to negotiate with borrowers who are delinquent in judicial only states, as well as is a risk when the portfolio comes under stress (such as in a severe recession).