Consult with competent legal counsel to guide you regardless of your choice here.

Purchase price: $225,000 Cash invested: $56,000 Purchased 4-plex from a wholesaler.

Owner occupied loans have allowed us to purchase properties in markets with heavy appreciation, and potential for huge rent increases.

Hiring a good property manager may cost more upfront, but it’s often the better long-term choice, especially if you want to avoid burnout or costly mistakes.Happy to dive deeper into any of these points if it helps!

As when people lose their jobs, the vacations they take is the first choice to cut back on. 

So give those folks the choice...go pick veggies or lose your welfare payment.

I'm considering purchasing a condo or a small SFH in the Oceanside/Carlsbad area as an investment property and renting it out on a short term rental site like AirBNB. 

Based on your description, Party 1 seems like the safer choice.

Quote from @Mike Pak: I just purchased from Josh Gilmore and SDIRA wealth.

Depending how much of the neighborhood is a hot zone for renting rather buying, and which Property type is performing better than the other (meaning 1bd 1ba 2 floor renting out faster and much more consistently than a 2bd 1ba 1 floor), you can make your choice of those factors as well as other ones that impact your decision for what you wanna do with your investment.