With the market being so hot and lucrative in so many areas, I'm very inclined to save and not buy in an overpriced market. So many people are trying to predict when the bubble will burst, but I'm more interested in ...

Few will actually want to do this in a robust market, more will do this when the economy tanks.

Yes, there's not enough info (specifics about each investment and the syndicators) but generally speaking, self storage as an asset class is more resilient than multi-family when the economy as a whole heads south. 

Also, I assume you're just starting out which means if you have only one or two rental properties there is no economies of scale for the fees..

Population 'growth' is relatively flat over the last 30 years and changes to the macro economy really don't impact these rural towns like they do in the cities; but there's always the worry on the micro level of the railroad depot closing or a processing plant moving out of town.   

I must say that as a seller I hate these offers and exhaust every other possible avenue before considering accepting them.

ARM rates tend to increase when the economy is hot and tend to get cut during recessions.

Mls, buyer agents, govt backed mortgages, fannie/freddie, title insurance, low down payments, ability to roll costs into loans, long mortgage timelines, fixed rates....all of these tiny points of liquidity add to making ours the most liquid market...abd with that comes the benefits of housing driving our national economy.

Bath exhaust fan or window in bath.

On the other side, GDP declines, economy start to go down with its own consequences.