I am a board member with CFRI, the local chapter for the national REIA and I personally know about a dozen private lenders that are members.

However after speaking with my husband (who is totally on board and supportive) I feel it would be better to pick a market in my "backyard".

The bookkeeper that you hire must specialise in STR's/Vacation rentals bookkeeping and should be on-board with all the tools and requirements you have.

If everything is above board and can be pretty well documented its likely workable for at least us (but I'd imagine same with a good amount of DSCR Lenders)

Originally posted by @Steve Morris:If it's your first one - HIRE AN EXPERIENCED MANAGER.A lot of these are tenant management issues like private/Medicare pay and keeping vacancies to a min.If you build and get it running well, then at least you can decide to keep it or sell it at a better price Where do you find experience manager that wants to hop on board another train?

If you call someone from your local government (land use control board, planning, etc) they should either direct you to a website that has the published information or you could pick up a copy if the info isn't "flown" on the web.Most storage units I've appraised have been taxed as one parcel with the majority of properties being owned in fee simple.

Make sure you have that attorney you talked to on board.

I've been on this board since 2010 and haven't found an example yet.

With the financial project and viability of the investment, besides a team on board, is enough?

They are known to be pro-investor across the board