Multifamily doesn't need any more pressure/demand since cap rates can really get low when too many people pile in, but I have to say that commercial real estate (including large MF) and other types of passive investing (mobile home parks, storage, etc.) can really make like much easier.

The rental is currently cash negative and our thought is by converting the unused storage unit it would bring cash flow into the positive.

The equity pay down in many RE classes (residential, storage, hotel/motel, office space, industrial, etc) ispaidby the tenant.- there are ways to never pay tax on gains (1031, owe until death, etc)- cost segregation can in effect have RE acquired at no cost- sweat equity can produce additional return.  

- what about storage space?

We have not disabled ours or converted to gas, but Tenant must sign a Fireplace Addendum stating if they use it, we require a higher renter's liability policy with us as additional insured, rules on wood, storage, use, safety, they pay for yearly professional cleaning each year they are there, etc.  

Digitize physical receipts for easy storage and use a consistent naming convention for easy sorting - 2024.03.25 Home Depot.Maintain proper records, such as contracts, settlement statements, and promissory notes.Additionally, you can track income and expenses consistently using software or spreadsheets.As you scale, if bookkeeping isn't fun, consider hiring a bookkeeper for a couple hundred bucks per month.

The "fair market value" parks they compare us to is not even close.Regarding our park, in NYS, the owner is responsible for moving the home off the lot in cases where we are evicted (to somewhere it can be put - the company then could charge storage fees if the owner wanted the home moved to another site) i, that is state law as we own our home and rent the lot.

How long have you been investing in storage?

I can build a mini storage or whatever as long as the zoning is compliant.

I like storage units, that's actually a good idea I didn't think about at first.