We have seen uncovered storage do very well. 

I agree its a bit risky, but as we uncovered..there were old tax liens on it which made it not workable. 

Our initial research uncovered that the house was purchased about 3 weeks ago by a mortgage guy from Washington state for $499K.

So you can imagine my surprise when we got a bill one month for $4100.I don't know exactly what was done when they updated our meter... but apparently that update uncovered a $4100 balance that the seller owed. 

There are many other issues that a inspection will uncover besides what is behind the partially finished basement walls.  

Also, make sure that you are judging based on actual expenses and not proforma numbers  I would demand that all units be inspected to see if all future expenses will be uncovered. 

Talk about actual $ and it's "Sokath, his eyes uncovered!"

If you own it for 2 years as your official primary residence (where your driver's license and voting is registered, oh and where you officially live, of course), you'll qualify for the capital gains exemption up to $250k when you sell.Sometimes just having another pair of eyes helps to uncover your options.

If you send out enough offers (like we do) it's not hard to uncover folks that are ready to sell.Sure a lot more goes into it, but that's the gist.Hope that helps!

Record every wall, ceiling, floor, front and back of doors, shades opened and closed, window screens, yard from every angle, home exterior from every angle, mattresses (uncovered), etc.