I have seen the difference when company layoffs were on the horizon in how people behave. 

Is your investment horizon 5, 10 or 20 years?

My opinion: funds are best suited for institutional investors who have long horizons and need to place large amounts at once (past life was $10+mm commitments). 

Look at the Event Horizon for this virus. 

The pro's of my diversification story; well,...I've diversified, own a few properties outright with positive cash flow on the horizon, own another vacation property with 20% down and positive cash flow year 1. 

I'm partial to annuity-based calculations that factor in the investment horizon and individual risk preferences of the retiree, like this one.

Perhaps there are some rules/regulations on the horizon that will affect the STR market? 

For a 10 years (or plus) horizon, the properties in San Jose have the best total return, if I don't discount that I manage the properties in san jose myself.

It's going through a lot of changes, and I know good things as far as development and desirability are on the horizon, particularly with what the Marchuska brothers have been up to.

There may be a great market on the horizon for ADUs down there.