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?

For instance, I've seen people use gross income instead of net operating income in the numerator.

It's also important to stay positive.   

I have signed numerous releases for houses.The mold would not bother me.

I have seen numerous examples where the investor could have reduced their tax bill by 75-100k yet they ended up paying 20-25k in taxes. 

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.