It depends on your goals, I would say outsource the management & hold the asset as nobody has regretted owning real estate on a long term basis. 

I’m already hearing rumblings of the ag industry being blamed for lack of water.

The industrial buy and hold buyers have virtually dried up in San Diego.  

North Canton is a mess right now, they outsourced their building department and went way off the deep end with controls and penalties. 

If the laws are still concerning to you, then buy a commercial property, like an office or industrial property, in your area. 

The first time I was laid off it was traumatic because I my industry and the economy were in the toilet but more importantly, I didn't have enough cash flowing RE, second time.... not nearly as bad, and the third time it was my idea and I haven't lost a minute of sleep about my decision. 

Networking is huge, so connect with others in the industry, and look for mentorship programs (there are some great ones out there).

One of my tenant works for an Industrial company in the area.

I think if the industry as a whole was a little more honest with it self and with market participants you might not have as many waiting for something that is not likely to happen in the short term. if you need a house, you need a house. but, if you think something will change in 6 months you might be able to hold on, but if it likely will not change in the near term you might just bite the bullet and buy. 

Ideally you'd be there too (or a manager if you had one) as that is best practice in my opinion, but being remote you just have to outsource everything to people you trust.