The markets that have good job diversity, growing economies, affordable rent to income ratios and have not seen a massive run up over the past several years.

Some things to note that most are unaware of about BirminghamMedical drives our economy.

Should wait to purchase given the current state of the market (insane appreciation; incomes not keeping up with it), as well as the fact that cash flow would be negative if I had to rent it out for some reason (i.e. if economy went down and I had to move to another state for a job)?

First, you can't take advantage of the economies of scale like you can in a bigger facility....meaning that as you expand, your revenue will increase faster than your expenses which will have a positive effect on profit. 

I know its not legal.. but I self insure myself in that regard. some say its recession proof and some say not.. my banker says not.. he says when economy gets tough they just won't spend 200 bucks a month to store their stuff they either up and leave it or move it somewhere else.. so that's two opinions.my units were quite unique one they were A class and two right across the street from 300 floating homes and all my tenants save a very few had house boats.. so I kind of had a captive audicance and once I got it converted to mainly all houses boats..

Economy finishes are available too (like those lovely 4x8 sheets of wall board with hundreds of trim strips).   

Also, if the economy tanks and we have to dump it for cost, I would want to write it up to share the loss.

Don't think I'm up for it this year, but can see how JVs would get the team into medium-sized multifams - say 50-100 units- with the built-in management, economies of scale etc. that we're looking for.I can't speak to how easy or hard people say it is to find JV partners; I'm not in that sphere at the moment. 

I definitely have issues with the state & city, but no where is perfect..My advice... relatively cheap yet strong economy (disagree if you wish) ;-)https://www.marketwatch.com/story/where-the-moneys-made-and-where-it-isnt-from-coast-to-coast-2017-09-26?

All markets have ups and downs tied to the economy, interest rates, inflation or other market trends.