There aren't a lot of rentals in the area and most of them range in the $1,200/mo 1bd/1ba, which is way above what this tenant can afford. 

Considering your facility will cater to a wide range of storage needs, including RV/boat storage, semi-truck parking, container storage, and contractor yards, the name should encapsulate the comprehensive nature of your services.

I'm specifically interested in acquiring a rental property within the $800k to $1.2M price range in Washington state.However, upon evaluating rental properties in the current market, I've noticed a concerning trend of negative cash flow.

Best option is 4-5 bedroom house, depending on your price range. 

I ran a quick Realtor.com search and found this recent multifamily sale in Ontario - https://www.realtor.com/realestateandhomes-detail/319-E-Park...If most properties are trading along this price range, you may want to run projections for future appreciation using conservative number.

And while these are not 15 yr quotes, they have ranged from low 6% fixed five year, full recourse to over 9% floating non-recourse, also 5 yr term.  

HML lenders there are clamoring to lend money at low rates because they view that market as really hot and if the rehabber can't sell it or make mistakes they still get their money back in a rising market and limited inventory.How a lender views the asset would also depend on the price range.

If you live in one side and want to STR the other, that won't work because each unit is its own primary residence.That said, I have clients who have successfully rented out a guest house/ADU in LA on a short-term basis and since they occupy the main residence, they are not bound by the 120 day limit to fulfill the primary residence occupancy requirements.

We can talk about the range of options suited for first-time flippers.

@Christian Orellana, Tampa is growing leaps and bounds North East and West.