I think comparing to the two-- syndications vs index funds-- is too difficult because of the nature of the specific RE under the syndication versus the broad economy(global and domestic) the index funds capture.

This is primarily for MF where there are greater economies of scale.

"California's homeowners insurance crisis is growing and spreading to car insurance"https://www.kpbs.org/news/economy/2023/07/07/californias-hom...

The local economy is not very good at the moment.

Not because of interest rates or the economy, but becuase there's so much more interest in this asset class. 

Pros: Diverse job market, low unemployment, great resilience during recessions, nice appreciation, 1% rule can be hit if you look hard enough, great economy, good schools, Midwest nice.Cons: Extreme weather at times (hot/humid summers, tornadoes/hail, brutal cold in Jan/Feb), high insurance premiums, property taxes also really high.

What if you pick the wrong project, or the wrong sponsor, or the economy changes, or the business plan doesn't work out. 

In general the economies of scale as associated with the larger properties just makes them easier to manage and causes them to cash flow better.

This could not only the shatter the world economy it could eclipse the news of the Dallas massacre!

When choosing a location, focus on markets with job growth, population increases, and a diverse economy.