I just wanted to know if this is a widely held industry standard or something this particular investor brokered through a relationship with a local bank?

Just like any new endeavor you're going to want to go into eyes wide open and learn as much as you can beforehand.Please look up investing in Self Storage on the internet - lots of articles, videos, etc. 

My father recently sold his lot with a triple wide manufactured home on it, on Bainbridge, and I have a verbal contract with the buyers to get the manufactured home off the lot in 2 years.

However, we did brainstorm the following offer scenario:Owner-financed at $140k @ 5% APR with 3% down, plus $10k rehab (so ~$15k out of pocket) based on the assumption (and negotiating angle) that it would have to be switched back to a 3-family (and therefore we only counted 3-family rents).

I know it's quite a drive but the community I work with has a wide range of like minded amazing people.

@Cornel Smith Yes you should knock on their door but i would approach them with the angle of trying to help them.

All that being said, it is vital that you work with a securities attorney to make sure you CYA (cover your a$$) from every angle; as @Brian Burke stated, jail time is at stake.

As the guy said when I recently bought an angle grinder after my Hitachi one gave up the ghost "exchange for any reason or no reason." 

I would keep the Community Bulletin board for community wide announcements -- like the pool hours or the parking lot is being resurfaced on this day.

Identify the zoning characteristics, political environment, and real estate market demand parameters for each parcel.With the wide variety of sites you delineate, there is a wide range of different development characteristics to research, design, entitle, and sell or build for each project.