When isn't it a good idea to compile cash, buy assets when others are selling low, and concentrate your spending on money-making endeavors?

I have scaled back on buying and am concentrating on taking care of cap ex items I neglected a bit as I was working on growing my holdings. 

We do not experience this issue much, but we are not heavily concentrated in the low income areas either.

@David Latimor  My view is that we're currently at or close to the top in most markets, and the only issue is when the correction begins and where it starts.Though, nationally, as it's been pointed out, there is still a deficit of multifamily construction when compared to household formation and historical norms, what we have seen during this boom is an incredible concentration of construction, both in terms of asset class and location.  

For me, I always concentrate on as little a vacancy as possible. 

Often as much or more than a mortgage payment in a nearby town.Consider concentrating on 3+/1.5+ in towns with good schools. 

What I am trying to build is since I am new to REI, find a system where I could have multiple projects with multiple funding partners, so I could concentrate on what I do best, construction.Is this option even possible?

We will be doing a Short Term Rental panel in the coming months, mostly concentrating on the Shenandoah Valley / Massanutten mountain. 

What neighborhoods are you concentrating on in your search? 

Many of my big mistakes in past years were from too much concentration.