Let's hope it stays that way :) (Fingers crossed).

i would stay away from SFH as your first purchase. you are 100% responsible for that mortgage should something happen like you lose your job or something. a multi family gives you breathing room. one thing to keep in mind is the taxes...sure the Bronx may have higher prices compared to NJ....but you can find properties in the bronx with 2-3k annual property tax rates.....while Jersey has some of the highest property tax rates in the country. factor that into your math and not just the purchase price. 

I'd be looking to flip land in other areas of the country.There are multiple reasons I'm staying away from fix and flip (at least for the time being).

Are you willing to stay in the deal if the lot isn't sold?

It's also important to stay positive.   

s=20As far as Airbnb I don’t know if people would actually pay more to stay in the house .

Your cash flow in a recession would largely be dictated by your location and the type of traveler staying at your unit.

Based on my research, the greater Phoenix area is not much better than Calif when it comes to the cap rate.I would like to stay within a 2 hour flight distance if I would ever need to make a visit to take care of business being that I still have a day job and time will be a limited resource.

Stay away from wet basements.

Generally, only the lower ranking folks stay near base due to prices.