What is your current occupancy rate?  

Placed in service means when the property was available for rent (i.e. certificate of occupancy or first advertised). 

The violations would include 'the personal occupation of a garage as residence' while asserting to police that he didn't live in it, along with the power overloads due to use not in keeping with a garage rental.  

And it doesn't seem to spoil the charm for couples on a romantic getaway.We've been able to raise the nightly rate 2-3x with better occupancy. 

you seem to want to focus on 100% occupancy.

If you are going to be an owner-occupant, want a low down payment, and are planning to do a renovation, the FHA 203k and Fannie May Homestyle loans are your best optionsHow do you know the property is currently upside down on the mortgage? 

@Rene Hosman The only time I've seen them is larger buildings that have financing and the success of the project is contingent on a certain occupancy number, but then again what project isn't :) That being said, I'd always write concessions to start on the second month of full rent.

How is physical occupancy?  

Live in one unit - It's a great strategy when using a bank for financing as the down payment and interest rates are more favorable to owner occupants.  

We like self-storage because even if there is a recession, and people downsize, those people will have a need for self-storage, as evidenced by storage occupancy rates during past recessions.