The dilemma I've encountered is the large cash position I currently have in the property, roughly $3mm (acquisition + renovation costs) paired with the looming recession.

Hell right now you lose money to invest in bonds, people investing in money losing bonds are doing it because their outlook is very bleak for the future of the currency and thus the gauranteed bond loss is still less than holding the currency and inflationary pressure over time.Bad dollar value, means no bonds purchases which is how we in theory acquire money to loan.

Maybe this won't happen because all other major super power are devaluing their currency by taking on more debt just like the USA? 

Going to be rough on currency traders since all the countries are doing it though.

Coronavirus, the Financial Crisis, the Dot Com Bubble, 9/11, the Currency Crisis, the Energy Crisis etc. 

Currently I have zero debt and have enough liquidity to lock down a pair of SFH rentals this year.Are there any other major reasons I'm overlooking by buying investments before a PR?

What the pair have in common is a) they didn't drop rates during refi mania a month ago (ergo no need to jack them up or add a bunch of overlays today) and b) they are small under the radar lenders. 

You could consider some private lending, multi-family or commercial real estate, or other non-real estate assets such as precious metals (a hedge with a small allocation only, of course) or digital currencies.

@Scott Mac Loan this man a pair...

I am currently reading the book on Estimating Rehab costs by J.Scott and would like to pair it up with an actual project.