This home has been highly operational with high rates of occupancy, bringing in anywhere from $500-$1500 a month in overage beyond our monthly expenses.

Verify with the city.Personally it makes no sense that an LLC would be able to operate without being onsite when it is required.The only thing that sticks out is the grandfathered in statement.

-The mention of syndication being less risky than HML...I'd suggest it is more risk, possibly much much more since you don't know whether you are good or bad at vetting the operator right now.

This home has been highly operational with high rates of occupancy, bringing in anywhere from $500-$1500 a month in overage beyond our monthly expenses.

Quote from @Nicole Heasley Beitenman: I'm coming up on my first year of operating an MTR.

Is that an imputed cap rate that you use as a rule of thumb based on your expected operating expense margin?

As a student without W2 income, you may need to show alternative income sources like savings, freelance work, or a job offer.

I’m in Ohio, so I can purchase a property with $40k cash out, invest $10k in repairs, and rent for a couple hundred above the monthly operating costs.

This was the assumption we operated under until December 2023.

Self-storage has cooled a bit in the past few years (after an insane boom the years prior), but there are opportunities if you can dig them out and are willing to do the operational legwork.