I like cash for keys, but honestly, if I were in your shoes, I'd hate to sit across from the guy and have to negotiate anything with him. 

I would be using the existing structure for storage for an existing business (which could pay rent to my RE entity), and hopefully building on the land in the long run once the neighborhood becomes more attractive.

Kitchen cabinets, drawers, bathroom storage.

Can anyone give me general guidelines of what to be expecting and if they were in my shoes what they would be looking to do.

I have rented a 3 bed house in Texas and I call it my $1100 storage unit since I'm never there... 

Hey Max, I am in very similar shoes with 10 months of Active Duty left.

After looking at some info on cash out refinancing, I am now considering this as it would be a strong rental in a great area.My situation:This would be my 3rd  buy and hold...1 rental, 1 rv storage yard and this property.I have used a heloc for the 20% on each property but now if I hold this one traditionally my cash would not be enough to do another deal.I have flipped 1 house earlier this year with the intention of doing a few more to draw the heloc down to nothing by end of next year.If I do a cash out on this one I may not be able to pull all of my initial 20%/rehab out, but would be covering the notes/expenses and cash flowing some each month with a long term asset.

The next shoe might be long term US debt. 

Interested to see if there are any local self-storage investors here?

garages, basement storage?