How to make the best of inflated markets

[Ryan D.]

M partner and I are invested in three markets, Southern California, Phoenix, and Northern Florida, & invest for cash flow, & generally in small multifamily. The two western markets stopped making sense from a cashflow perspective long ago, and now sellers in the Florida market have gotten unrealistic (IMHO) about their expectations of property values, making good deals very difficult to find (rents have moved up 5-10% over the last 3 years, while sellers are expecting >50% increase in price over the same time frame). 

So my question is what to do to take advantage of over-inflated markets while waiting for a correction? We're in no rush to buy at the moment & are adverse to move to a new market (we have teams well established in our current markets and don't want to spread ourselves thin). 

So heres what I can think of, would love thoughts & other ideas from the community:

1. Sell existing assets while prices are high
2. Lock in values through HELOCs, so you can access the equity later when prices correct.
3. Refinance with conventional financing to pull out the equity.
4. ?
5. etc...