Lastly, the price point is still very cheap here in the sense that you can still find investment deals that hit the 1% rule for 120-180k!

@Mike ReynoldsYou hit the nail on the head in that seller financing would fall under the non-recourse loan category; therefore, UDFI would not apply.

Additionally, you can still find deals that will cash flow and hit the 1% rule and amazing appreciation potential. 

@Luke Spencer I am not on the management side but I can tell you it took 2+ years to fill 300 units at one of our facilities and the other just hit 300 units in 12/13 months so it really depends on the demographics, and local housing market trend, the more people moving in and out the higher the demand for storage.I think if you're looking at a saturated market then the upfront cash to turn the warehouse into self storage is not a good idea but then again, maybe those operators are on back roads ( low visibility ) and don't push google ads well.

In other words, my Client got hit with a large cap gain, but no cash.  

However if you have enough reserves, 6mo or greater then I'd say chance it but a couple of missed payments from the tenants and you have to foot the payments out of your own pocket.I'm all for taking risks but I think you really need to evaluate the age of the major systems so you don't get hit with a bunch of cap ex all at once as well as your reserves. 

My method has always been to call every listing that hit 90 days on market in areas that I want to buy.

Quote from @Najeh Davenport:  Hey BP family, I’m hoping to get some advice because I’ve hit a bit of a roadblock with a refinance, and I’m not sure what my next steps should be.

It sounds like you've done a lot of the preparation work required to hit the ground running. 

Home sales hit their lowest level in almost 30 years, so it's not unusual to see a property sitting on the market for many months.