Definitely a lesson learned to not pay in advance no matter what stage we are in the process/relationship that has been built.Luckily, I already met with three different contractors and all of them are wanting to finish the project within our February deadline.

I am having an analysis done of the area.  

Based on my analysis, a good amount of the multi-family properties for sale within Blue Island would seem to cash-flow, but the sticker price on some of these properties seems too good to be true.

The analysis can be done by your CPA.This post does not create a CPA-Client relationship.

Did you do traffic studies and population analysis to verify the potential of the storage for your area?

If you are not dedicated to the pilgrimage to journey in achieving each necessary stage, your words here are meaningless. 

I've listed the criteria from the analysis I used from Policygenious (and here's the full article:https://www.policygenius.com/homeowners-insurance/best-and-w...)Drought is the biggest concern for AZ, along with high heat.

Currently, I am in the early stages of BRRRRing two properties and hunting for more.  

Assets identified in this study include:Bathroom Fixtures: Bathtubs, vanities, showers and toiletsStructural Components: Drywall, wood framing and interior partitionsBuilding systems: water heater, electrical distribution, HVAC, plumbingInterior Construction: Wood flooring, stairs, ceramic tileSmoke detectorsThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

It's not staged or anything, just an empty house.