Does anybody expect, with the current economic crunch, that FL real estate values will drop significantly, even half of what it did in the late 2000's? 

Economic factors as well as personal factors affect an individual's circumstance, so you can find deals in any environment.

Right now I'm actively sourcing self-storage opportunities in the $300k-$600k range...not sure a syndication would make economic sense at that price point.

  (3) The potential dip in values due to the economic fallout of covid-19 this year (if it happens) would likely not give enough time to recover to today's offer price before the balloon payment comes due

Several past posts addressed parts of my questions but wanted to lay out my current challenge.  3+ years post Ch. 13 BK and foreclosure done outside the BK from a failed restaurant business. 

As a result we don't yet know how long we will be fighting the disease, and thus the type of economic recovery we will see.

Private Garage available for tenants.Location: Downtown Springfield, OH - Wittenberg College (1.1 miles), hospitals, restaurants close byFinancials: broken down on page 8 of package and in following section.Plan: Classic BRRRR method.

I'm definitely looking forward to seeing how this all shakes out in either direction, seeing as we haven't seen such an economic fallout due to completely external forces in our history. 

Both cities are doing really well economically and it will continue to rise.

While I do believe that strategy will EVENTUALLY pay off, you're looking at a solid 5-10 years before those puppies appreciate enough in value to make some money on them- most notably with the inevitable real estate correction in response to our current economic client.