Can't speak to their terms, but can confirm they do 2nd lien helocs on investment properties.

A MF is a larger purchase price, higher DP and more doors which means reserves are needed to cover anything.

It's interesting that many of these VC-backed PMC's, despite having 10k+ properties under management, aren't doing well financially - one of them just merged with another industry-related company also not doing well.Just for fun, here's a partial list of PMC expenses that owners pretend don't exist:Office rentComputers, printers & softwareInternet & phone billOffice furnitureOffice supplies: paper, postage, ink, etc.Office liability insuranceAuto expenses: monthly payment, insurance, gas, maintenance, registration/plate feesBroker license fees: annual, monthly board & MLS fees, continuing education fees, E&O insuranceEquipment: lockboxes, signs, etc.Business income tax preparation and paymentsStaff payroll & payroll taxes Time Tasks: answering phones, calling past due tenants, scheduling tours, taking marketing pics, processing those pics, writing ads, researching rent amounts, posting ads, explaining to owners how rent determined & showing where ad posted, opening & processing mail, posting payments, bank deposits, scanning documents & posting to owner & tenant portals, explaining accounting to owners so they understand their monthly statements, taking pics/videos of repairs, finding reputable handymen and contractors, confirming they're properly licensed & insured and tracking annually, verifying repairs done properly, processing invoices for utility bills, repairs, taxes, city inspections, scheduling periodic property evaluations/inspections with tenants that don't want strangers in their homes, explaining to owners why something is taking so long, and more & more & more...OBSERVATION: many owners only want to pay a flat fee or 50% of a month of rent as a leasing fee - without realizing the repercussions. 

@Vatsal ShahThey should but I always confirm with an attorney as last thing you want to happen is to get stuck owing them

Additionally, and please confirm this, I don't believe the HCV system increases their upper limit every year.  

Or, if it's really necessary for the sake of argument, I'll bring my best source @ Pemco to the platform to confirm this template.

Non climate controlled will come out at $24 per square foot but that is largely due to my $4 per square foot purchase price.Hopefully others with more recent (or stand alone RV/boat storage) will chime in to confirm or deny this but I do not think your numbers are going to differ all that much from a traditional storage underwriting.

Do you have enough capital in reserves if something goes wrong?

Save for down payments and reserves by creating a budget and considering side hustles or additional income streams.

This is an opportunity to confirm they have the expertise you need.