If there are other revenue sources (parking spaces, storage lockers, coin laundry, etc) you would add that in as well.From there you can figure 50% expenses to get your NOI.Your NOI divided by your purchase price is your CAP Rate.What you'll usually see is someone saying they're gross rents are $1,000 so their GOI is $48,000 for the Quadplex.Their property taxes are $3,000, Dwelling Insurance is $800, Sewer/Garbage is $4,000 so their expenses are $7,800.They will claim a NOI of $48,000 - $7,800 = $40,200 and then calculate a CAP Rate off that.This is a garbage calculation.

it's common to charge a storage fee, or transaction fee on top of whatever commission is earned.

In fact, I have like 500 books on my book shelf and in storage and probably 250 in digital format.I have been at this REI Game since 1984 and I love it.The only real master of REI I have ever heard was Barney Zick of Houston TX (RIP)@Rick Harmon Im sure you know him.Here is a question...Has there ever been a graduate of an elite training made back  their $29,000 tuition?

You win as I'm short and WAS extremely fat.

The all others is critical and covers everyone known or unknown to reside in the property.This way someone living in their cannot say the eviction says so and so but not me so you can't make me leave.Front and back lock sets cost me 28 dollars for the set with deadbolt and we put those on the second we finish with the writ or the tenant voluntarily hands over the keys and it is vacant without filing eviction.We do this because sometimes even if tenants leave on their own they have an extra key they don't give and then when where they move to doesn't work out or have enough storage they start putting junk back into the apartment they vacated or try to squat there one day and then another place another day.Sometimes in apartments tenants will hop from one apartment where they are evicted to staying with the unit next door that is paying.After awhile say a week or so the good deed wears off and that tenant wants the people gone from their unit.Was the power in the husbands name??

Look for what other storage units in the same area, of similar size charge and use that to price this one.

I was thinking he should ask for everything he put down out of pocket, plus all principal paid so far, plus a "fee" for his trouble, to include storage/moving expenses, dealing with the BS, etc.Sounds like $10K might be a good round number?

Conceivably you could use a reputable turnkey (yes, we're all sick of this term) company, but you'll pay their fat markup (probably 20-30%) and won't get yields above 8-9%.I will say that once your team is in place, the incremental effort on each new deal is dramatically minimized, as would be expected.

Might be like watching an episode of 'Storage Wars' :).

I like Florida because I have a self storage facility there where the occupancy improves when houses are selling.