C property in a B area that we purchased as a value add asset.Prior to closing, we asked for the current Owner to notify the tenants to remove from the premises any items not stored within their assigned storage locker or apartment.

Do to this fact I have to keep a full supply of tools and material in storage units in each area I flip so when the subs decide not to show up anymore I can jump on a plane and go finish the project.I wish you great success.

As a passive investor, you can diversify into MF, storage, mobile home parks, you name it. 

Then I have an appraisal conducted with a floor plan that dictates a full build-out of the same space to create offices with kitchenettes, bathrooms, storage closets, etc. then should the 2nd appraisal still reflect a 9.0% cap rate or can the cap rate be lowered by the build-out?

It has little extra land for storage units or pumpkin patch to bump revenue a bit. 

I was also involved in the development of a small (20K SF) self storage facility where I own a minority stake.

., tomorrow to get book on all codes but I think you misunderstood...the basement area is a dirt floor but not considered livable space...the other 2 floors (kitchen area, living area & 3rd floor 2 bedrooms & bath, and 4th floor which is a storage/attic and also considered not livable space. 

Below are the numbers for my most recent property I am looking at:Its a duplex (two 3/1s) with a detached storage building (could be used as a mechanics garage or woodwork shop).

So just bought a nice 2 acre piece of raw land to flip and not sure what to do with the storage shed (image attached) that's on it.

Buy a car wash or put piles in a storage unit are two options.