You’re absolutely right about the market potentially shifting, and this is where those who are ready to act and think creatively win big.

The "best market" is less about the market per se and more about the deal you're able to find in my opinion.

Exactly Tom all of my sub to over the years have been deals were we got the assets for far below market did rehab and resold generally within 9 to 12 months we never bought them to keep as rentals.

Plan to make some tenant improvements to push rents closer to market rate for the area.

This approach will help preserve your operating capital.

Your first clue will be how they approach showings.

If I put myself in the shoes of the outside partner/investor friend, I would be very concerned because: 1) unclear and/or potentially conflicting business plan, 2) even with clarity in the BRRRR business plan, unclear in the viability of pulling it off with these market conditions, 3) the chances of dispute seems very high, especially if you're going to live in. 4 years ago, I went through a  similar thought process when purchasing an investing property with mainly my family money, while considering an outside investor to rehab for higher STR ROI... 

I don't want to try to predict the next "hot market" or "hot asset class."

Myers Market Update Feb 2024 (biggerpockets.com)

My approach is conservative and focused on finding properties that meet specific criteria to ensure solid returns.If you’re interested in multifamily investing and would like to explore potential partnership opportunities, feel free to reach out!