Keep in mind, rents should continually be adjusted to keep up with the CPI (inflation index) so cost of living should only help your bottom line.

As such I'm considering putting more money into index funds instead of real estate to balance the portfolio out.

Risks are WAY higher in syndications then stock index investing or simple buy/hold deals.

Like running any business, you are more in control of your own destiny and create your own value more so than with something like buying an S&P500 index fund, which relies on forces outside of your immediate control to create value.

Misspelled names and mis-indexing are another common problem. 

Would certainly be indexing HEAVILY on finding an experienced team.Sounds like you both agree that if going turnkey, I'd be a bit pigeon-holed — can you explain why a bit more (I'm a newbie!) 

You can get better returns on your cash with less risk by doing hard money lending or being totally passive and investing in market indexes. 

We are have a week of 115 heat index days right now. 

At a minimum, I recommend tying your increase to the consumer price index (CPI).

Be cautious of cities that aren't proactive in job attraction; too much growth can lead to strict building regulations, affecting housing value.Other Factors- Favor cities with a crime index that has consistently decreased over a decade.- For appreciation, I look for a minimum of 2.5% YoY growth in median house values over the past 20 years but I don't use this explicitly in calculations.