For the longest time I've lived from apartment to apartment so it wasn't really convenient to have a punching bag.
Now that I live in a home, I have the Everlast punching bag stand in my garage. I also have a small Everlast punching bag that I can hang from it. When I want to do Eskrima stick and knife training, I hang a small tire from the punching bag stand via chain.
After each session, I take off the bag and stand it upside down so that the stuffing doesn't settle too much on the bottom.
Right now I have two pairs of gloves, one is a 14 oz Boxing glove and the other is a smaller open finger single foam padded bag glove. The 14 oz one in great because I can hit the bag harder and really use the weight of the glove to help me punch more efficiently. The open finger foam feels better as in more natural and the stuffing doesn't move around because it's a single layer of foam inside. I'm using both and making the best out of both but if I had to keep just one it would be the foam padded bag glove, neither are quality, but the bag glove was a better deal, more bang for the buck.
If you don't have room for the punching bag stand, you can always just buy the bag and lay that thing down on the floor and work on ground punches. You can also put it in your BJJ Guard and work strikes from there as well.
I also have the Everlast Reflex bag and between the punching bag stand plus punching bag, I would just go with the Reflex bag. The punching bag is more versatile but it doesn't teach you how to hit, move, and defend unlike the reflex bag.
PUNCHING BAG TRAINING
1. Throw light punches just let the weight of the glove do the work for you.
2. Weak Point Punching, working on specific techniques targeting live, solar plexus, floating ribs, etc.
3. Cardio Punching, non stop punching for cardio.
4. Brawling, working on haymakers, non stop with power and explosiveness.
5. Combos, working on 2 punch, 3 punch, and 4 punch combos.
6. Working on going in to strike the bag and then going out, out of range.
7. Finishing Brawling, repeatedly using the same punch over and over again.
8. Hit the bag and then trace the bag's movement with your hands.
9. Mix punching with other tools like elbows, knees, and kicks.
10. Bare handed strikes, including palm strikes, spinning back fist, and hammer fist strikes.