However, this will be brutal for Non-EU countries including the United States. 

Your 'cost' should include everything, from land purchase, soft costs, holding costs, and hard costs.

On the lease, he'll pay me $100/m over my HELOC payment and all other expenses, including the refi cost, inspections, title work, etc... 

Quote from @Pablo Avila: There are plenty including myself!

This also leaves me with $3,750 stuck in the deal (not including financing and closing costs, which could easily add another $20,000).In total, if I had to include closing costs and financing costs, I’d have about $23,000 (if not more) tied up in the deal and lose close to $700/month before accounting for expenses.

Quote from @Caleb Brown: Someone else asked but what would market rents be including the extra storage?

Once you become licensed you subject yourself to all the laws required of licensees, including the requirement of broker supervision.

True, but (a) they were typically experienced investors, and (b) today's market includes record prices and high mortgage rates, which is a double whammy. 

Here's a https://www.irs.gov/businesses/cost-segregation-audit-technique-guide-chapter-4-principal-elements-of-a-quality-cost-segregation-study-and-report to the IRS website noting specific items that are included in the cost segregation study report. hmm, that website is a 404 error.  

Worth is the DFW Real Estate Investors Club...normally 2-3 hours including breakfast.