Using your housing money to get into a single family home in a good area or a nice condo that you would like to rent would seem like the best bet. 

I'm betting big. 

@William Tomp, yes 90+% is ideal and shows that generally supply and demand are in balance, really more like 95%, but when you start getting above that, you can bet supply will be growing quickly as everyone is looking to bring new product online.If the market is really low, it is clearly oversupplied, and knowing which side of that trend you are on is important. 

Your best bet is to find out if your town has free/reduced price legal aid for tenants.

I'm sure if/when it does you'll see everybody and their mother saying "I told you so", but they've been telling us so for forever now and it hasn't come to pass.You may be right this time, but it's just made me very aware that I don't have the market knowledge or sophistication to place any bets on that being case.

@Karina RuizYour best bet is to discuss your personal situation and long term plans with your accountant as there're several factors to be considered here including your tax bracket, REI plans, job/career - current standing and long term plans.

Nobody really, really knows....But If I were a betting man, it's greater than a coin flip chance of YES.

Your highest priority should be the quickest possible placement of a long term solid tenant, especially as it’s a decent bet restrictions might increase and it will be harder for people to move.

I have investors with heavy buyers' remorse contact me each week looking for help to undo what they did based on price versus market. 

Pick an asset type you like and an area that is close to where you live or otherwise fits your preferred price guidelines/demographic/market profiles.As said above, your best bet to learn an area quickly is to network with as many people as possible (admittedly more difficult these days) because you can lean on their experience as you develop your own.