While it is painful to go through, it will help create a more stable market.Personally, I operate both long term rentals and was in the process of opening a STR.

The rest I’d like to use to invest for cash flow rather than waiting for retirement.

They want to see stable income, can you show that? 

You get to fund certain limits on retirement accounts through your employer that reduce your income- But past that any income you literally receive- doesn't matter if you buy $100k of real estate, stocks, or kittens. 

Have any of you been thinking of utilizing the new rules (if you qualify) to deploy retirement assets from existing 401(k)/457/401(a or b) into SDIRA or SOLO401(k)? 

We do see the value in short term and know that you can make good money in it, but we don't feel that it is as stable as long term rentals. 

Net equity isn't >20% but the job and rents are stable, so it's just a waiting game.My personal cash flow and DTI is decent enough to where I believe I can get another mortgage for another piece of property - and ideally have it generate rents to cover the majority of expenses, or better.

@Josue Gudino if you plan on living in the house, you can afford it and have a stable job then now is a perfectly fine time to buy, because it doesn't matter if it goes down 5% because you wouldn't sell anyway. 

I would wait, especially if it is your first, until things are slightly more stable.

Antidotally, I was on a webinar with a bunch of large operators (1000+ units each) yesterday and they were all saying that their occupancy rates are stable and they haven't seen a decrease in lease ups.