Man, just in 3 years if you have the tenant leave every time, even without the negative cashflow, that alone can cost you an additional 20 or 30k.

Supplement this far simpler entity approach by ensuring you have appropriate types and levels of insurance, you operate your business in a manner in which your conduct is not considered an exclusion in your policy, you work with licensed and insured vendors, you execute contracts with indemnification clauses with these same vendors/ require additional insured status &  maintain appropriate licensing and permits.

Best to call city hall for the town you are buying in to see what if any rent control rules are in place. see link below if you require additional information and call the Jersey City Landlord Tenant relations office. https://www.jerseycitynj.gov/cityhall/HousingAndDevelopment/...Jersey City CPI chart on recommended rent increases: https://cdnsm5-hosted.civiclive.com/UserFiles/Servers/Server...The state with the highest eviction rate in the country right now is South Carolina. 

An emergency fund needs to be liquid, and immediately available to you in addition to being low risk and protecting principle. 

These are professionals with additional training and a stricter code of ethics.

Does anyone know a property manager that supports small self-storage rentals in addition to residential rentals?

Your best route might be to buy a 2 to 4 unit property that you can live in and rent out the additional apartments.

If you used a loan to rehab your property and find yourself in a difficult position, doing a straight refi (just paying off the old mortgage) will be easier than trying to pay off the original loan and take additional cash out.

With some additions, this would qualify for the OMG category, but I think they didn't have that category back then when it was on the market.

Might be an additional cost there.If units are updated, capex items look good, leases and tenants look solid, and there are no other regular expenses besides the 5200 in insurance/property taxes then I like this deal.