Self Storage Business Model

[Jim Stout]

I’m considering starting a Self Storage business to find locations, build and flip Storage Facilities. In my mind the 2 or 3 Principals of the company would source the projects, raise money on a project basis, manage development and operations through lease up, then flip the cash flowing facilities to another investor. The original investors would get payout based in on a preferred return when the facility sells and the Principals would keep the land and receive rent from the new owners under a long term lease. My question is, does this seem like a feasible business model that leaves enough value to go around and have willing investors and buyers on both ends?