Rehab costs, holding costs, and the ARV will be the largest cash eaters or cash producers with this deal.If you underestimated the rehab (both costs and time) and overestimated the ARV, you could be underwater very quickly. 

It would likely kill all your cash-flow.In my opinion, filing + advice for someone with that portfolio size should be less.best of luck

We have filed for our LLC and are awaiting our EIN so we can open the necessary corporate accounts.

@Sean Hoglund  Assuming the prior years tax value is lower than your purchase price as in your example, you want to file your ATI Exemption before Jan 31st following your closing date at your county's Assessors office. 

Is there any filing that we should do accordingly?

It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/filesGood luck.

I also found a WLB lease agreement in the back of my filing cabinet and I am using that to get the individual room leasing rolling ASAP.  

That is a lot of money but it is also a lot of time.Now let's say that rather than providing one on one coaching, the coach becomes a guru and try to leverage his time by producing content.  

It is not that self storage is a bad industry right now it is the skipper running the cre. a great manager can make a poor location produce!

Since you were an athlete, going into the 9 to 5 will seem even worse, but if you don't have the capital now, the 9 to 5 is the best way to keep producing capital over the years to fund more and more until you can match or exceed your work income with investment income.