@Luke Spencer I am not on the management side but I can tell you it took 2+ years to fill 300 units at one of our facilities and the other just hit 300 units in 12/13 months so it really depends on the demographics, and local housing market trend, the more people moving in and out the higher the demand for storage.I think if you're looking at a saturated market then the upfront cash to turn the warehouse into self storage is not a good idea but then again, maybe those operators are on back roads ( low visibility ) and don't push google ads well.

Are you focusing your efforts in/around your local market?

or it’s better keep as is with small updates doneI'd start by speaking with an architect or local permit expediter, then someone at the City. 

However, my under writing due to the recent rate hikes shows large cash negative after a high LTV refi to extract the equity so I am not currently actively pursuing BRRRRS and I find this is true for many of the local investors that were doing brrrrs a few years ago.  

Additionally, I'm banking on a future opportunity to refinance.After less than a year, here are a few tips from what I’ve learned:*Hire a local STR expert real estate agent to guide your investment location.

Not likely), vacancy (@ 8% for me), and a possible PM (10% normally).I recommend you reach out to a local seasoned investor and have them run your #s with you, as the #s depend on how you manage it (how hands on you are) and also local pricing.

What's the zoning on the property and do you have a relationship or contact with the local rep? 

Someone local who has familiarity with this would be your best person to give you the information you requested.

If local sales support the new value then you should not have to deal with the seasoning requirement.

Best bet though is a local community business bank..