You can contact some local property managers and get a better idea of the rental market.

@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.

We currently own/manage properties across a few states including Hawaii so we aren't new to managing short term/mid term rentals.

For our second STR, we are currently researching Sherman, potentially / ideally, a less expensive duplex that we could rennovate and self manage from Dallas with workers coming to the area in mind. 

I am invested in a small multi family in TX and the management was not able to fill the property and do repairs and the income has dwindled badly.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

It is our hope no one in Blue Metrix is a victim of such an aggressive business tactic while part of their management team faces such a difficult health challenge.

Using a HELOC or home equity loan on your personal home could be a good option, especially if you can secure a low interest rate and manageable terms.

My wife continued to be the administrator of record with the state as we added homes to our portfolio and she would assign the house manager as the administrator designee for the home. 

Allocate equity based on contributions: you provide the $235K HELOC and management, while your former boss contributes renovation expertise and labor.