This is not part of our 5 acres, but it is the property, which is part of the subdivision, we were concerned on the parking covenants.Buildings 1 thru 10 would be the Self-storage. 

Based on the amount he owes and the fact as William states, that he will be concerned about his record, this guy is a perfect candidate to take to small claims.

There’s plenty of good reasons to put 20% down and to me, not being concert leveraged is of primary concern.

One of my biggest concerns is that people are constantly going to beat me to all the best deals. 

@Patti RobertsonI am more concerned about the reaction of the seller than that of the buyer.

For example, RentRedi gave us some trouble in refunding a tenant's security deposit and the customer service representatives also notified me that there is currently not a way to refund a tenant's security deposit after 6 months once the deposit is made which concerned us with long term tenants. 

The concern arises when you're acting as an agent for others—there, the law is stricter.Since you plan to use the agreement for future properties too, it might be worth getting legal guidance upfront, even though the $1000 fee sounds steep.

Deposit Insurance Concerns: In many countries, bank deposits are insured up to a certain limit by governmental agencies.

From a rate perspective, likely is not close to making sense at the moment, would need rates to drop further, however if value has increased and you are looking for cash-out, that motivation (any lower rate as icing on the cake / secondary concern) it could make sense to look into

I cannot afford for my first investment to not work out in my favor so believe me when I say investigation in my main concern right now.