The risk of bankruptcy on single LLC is exactly the flag that has prevented me from jumping in with both feet.  

We just sent our second round of apartment letters and got 5% response so I am curious about doing storage.

@Andrew McManamonusing your numbers, which I assume come from the amortization table...5.5% for 30 years = $5.68 per $1,000$5.68 (x) = $1000x = $1000/$5.68 = 176.1 (rounding)176.1 * $1000 = $176,100$176,100or4.5% for 20 years = $6.40 per $1,000$6.40 (x) = $1000x = $1000/$6.40 = 156.3 (rounding)156.3 * $1000 = $156,300$156,300Therefore, the largest loan the buyer can afford is 5.5% at 30 years or $176,100

For the sake of round numbers most primary residence mortgage can be had for 4%  and business/income property/etc. mortgages are at 5% (I'm hearing 5.25% in some cases these days but let's round down).  

So Im getting my feet wet with apartment complexes and came across these off market properties.

Lastly, in NJ (unlike NYC) you have a realtor because you are looking for a house, so any lease will likely only last a year, IMO.I had a realtor send me a great professional couple this last go round.

Most of these are large apartment buildings, but some of them are mixed use buildings with some small retail/office space available (think 1000 square feet or less). 

If you round out the complete picture here you should be able to get some detailed feedback and options. 

My brother is ready to be able to swim year-round.

They both relate very well to RE and it creates a fantastic well rounded investor