Buying and holding in a seller's market

[Cameron Eaton]

Hello fellow BiggerPocket-ers, I'm hoping to get some feedback from people that understand a seller's market (Salt Lake area).

I am a novice to investing, but hoping to make a strong start. My goal is to acquire rental properties over time.

Currently, I am under contract for a home (with mother in law basement) listed at $250k.  It has 3 bed/1 bath up and 2 bed/1 bath down in overall good condition (cosmetic issues, home built 1959).  I am planning on moving in upstairs and renting downstairs (local rents are between $900-$1000/month for similar units).  After a year, I want to rent out both levels and acquire yet another property and repeat the process.  

This area (Salt Lake County/Utah County) is pretty hot right now, and speculation persists as to the timing of the next market correction.  Would you recommend going for it and getting into a home regardless of market trends, or being patient and waiting for a better moment to buy a home?

Thank you in advance for your advice.