I helped a client get a combo car wash- self storage property a few months ago here in DFW.

What % of purchase price is smart to put as a down payment? 

Financing: I'm confident I can put $10,000 down as a down payment within the next year.

If it’s verbal, they’ll need to document any prior communication or payment records to establish the relationship.If the PM is completely unresponsive, they may want to send a formal written demand for communication and payments via certified mail.

I know that when I’m buying a loan, I’m buying the future payments at some price.

In the self storage market, they have ratios based on population to determine demand.

What property management software or tools would you recommend for tracking rent payments, leases, and maintenance requests?

What you spent on the land/lots can go towards your down payment and, if you've owned the land for more than 6 months, you can use the value of the property toward the cash injection requirement.

We will either bring on another investor each year to make the yearly payment or we will just forgo the income payments to the partners and make the yearly house payments out of the cash flow if we just want to keep the property with only 7 investors. 

I use Buildium for tracking rent, fees, leases, and collecting online payments, but I don't use their reports for much, as I end up copying my online banking each year into spreadsheets.I've been using Rental Hero for the last hour and already impressed with it.