However, one thing is for certain, hotel valuations are hefty right now regardless if you buy or build, and there is a ton of new supply coming. 

How do I reimburse them for supplies and labor in a way that is still tax deferred?

-Madison proper, and the nice areas of Huntsville (Jones Valley, Blossomwood, etc) - simply because the numbers don't work well in these areas, limiting rental supply

Purchasing MHCs in neighboring states that have more business-friendly regulations could prove to be the key.And, of course, who can forget the good old cost-of-living and supply chain crises?

Supplies 16.

I've literally shown hundreds of STR properties and they have supplied me with a P&L maybe 15 times.

However, if you do your market research to determine the supply & demand and look at what other Boat & RV Storage Facility's are doing nearby, and pick a good market (Florida - the entire state is practically a boaters paradise, and for those that don't boat, well then, they RV. 

Progress is slow, because amongst all my properties it's the furthest away and between a full time job and landlording, I can only work on this property on weekends.I have completed re-framing, re-plumbing of drains and supply lines and new electrical rough ins, but property has no finished walls, ceilings, or flooring. 

I’ve Identified several locations within my region that, based on the trends in  residential development seem to be under supplied and positioned to be great potential locations for new climate control self storage. 

But our beach places offer families space (not having multiple hotel rooms), fully stocked kitchen, beach supplies, etc.