The key is massive action.

But I see condos are going way below asking price ( even up to to 300k below asking price )   Although it is my primary residence I though it might be a good investment to sell at max in Danville and buy a condo with massive price cut at SF .

We have the highest taxes in the nation already, and you're reflexively pushing aggressively for even more massive levels of taxation.BTW Prop 13 was also the product of Democracy and those hell bent on pulling it down simply couldn't do it democratically despite the many years that have invested in trying to do so.

The one thing that concerns me is the massive job layoffs down here.

Applying consistent, professional tenant screening and being strict about your lease will prevent > 90% of problems, and buying in an area where good tenants want to live will massively help you quickly find qualified tenants. 

It makes sense to be ready if the supposed drop in prices and massive forecasts for foreclosures are true.

It means there is going to be massive opportunity but there are some definite landmines you will need to learn how to navigate and become a prepared and informed buyer before taking the leap.

I remember a very smart "guru" in the multifamily space told me in 2015 "Travis, we're not going to do any more deals for the foreseeable future, because I believe 2016 will be a MASSIVE meltdown in the economy and stock market".

The SE Austin / SE Travis County area is ripe for massive growth over the next decade. 

There are massive benefits to him as you might be willing to pay more than someone outside.