I am exploring two options as a new investor.

Inventory continues to be the biggest factor in keeping prices high throughout San Diego county.If you are one of the many buyers on hold due to interest rates, a good alternative is asking the seller to credit you for a 3-2-1 or 2-1 rate buy down.

@Geraldine ChurchwellGo to youtube; search Joe Crump wholesaling lease options.   

Alternatively, if you're planning on buying multifamily in a low cost of city to get the best bang for your $ - then it might make more sense to do so. 

I have non qualified stock options through my W2 employer now that has potential in about 5-8 years to exercise.

Is airbnb a good option here?

Perhaps if you happen to be married, consider options for your partner to become REP. 

If not, what alternative strategies would you recommend?

I have a connection with a wholesaler/investor that has a property under contract there with the option for sub-to and I'm trying to figure out if that's a solid area to invest.

All the options listed are GREAT!