This is the perfect place for you as you venture into the Real Estate industry!

When I was making plans to buy my first investment property, I saved and prepared for over 2 years to get ready for the venture. 

Renting garages is no different from multi family or other commercial ventures in that you own space that you rent out at a rate that exceeds your cost to own and operate.

@Matt Castle I wish I spent more time initially getting my contacts organized and doing a better job at following up with people not only to let them know what I do but genuinely catching up for old time sake, I also should have started with a larger brokerage to learn their processes/workflows, then I could have  applied those steps to my own Brokerage.

A couple can elect to be treated as a Qualified joint venture.

See if they want to invest for profit on your venture.

I love the challenge of finding the deals no one else sees, and then making a great profit for me and those who Joint Venture with me.

I'm only nearly 5 mos in on my venture but we need to carry the following for our residential care (assisted living)  licensed for 41 beds - but we can hold 36 beds in our current configurationGeneral Liability (We buy through an independent broker - basically covers medical malpractice, any slip/falls etc)Workers CompAnd even though you arent interested - Non owned auto insurance in case staff use their own vehicles to run an errand etc, building insurance for wind/hail etc inc general property liabilityAll of this runs around $33k to 36k a year for us - thats before health insurance for us etc - Work Comp is the most expensive part of that mix.Your best bet is likely not to find the coverage by calling yourself - you'll just waste your time - find a broker that can sell you this insurance - as far as limits - some of the limits are state mandated and will be in the regulations. 

What stopping you from that tapping the equity you have in your current place, or reinvesting the cash flows from your other properties into a new venture?

However, I can't say I know too many folks who've ventured into deals out there, so curious to see what you all think?