If I am in your shoes I would buy 2-4 units, get a conventional loan, ask the sellers to pay for the max contribution (3%) towards closing costs.

I'm trying to figure out a way to utilize a large storage building at one of my MTR listings in Memphis.

There's nothing wrong with renting for a year, getting your shoes on the ground, and learning more about the market. 

If you're accredited start researching potential syndicated deals- Some you can get in for as little as $50K; muitifamily, storage facilities, Residential Assisted Living..... 

For me, it has been multifamily for these three, but I am also interested in self-storage and hotel conversion, maybe industrial flex in the future.

., but you'd need to rely on local contractors or someone to go and check that the house is locked up/ secure on occasion, so definitely some logistical issues there to consider.Additional logistical issues - if your agents are centrally working, then you need a logistical solution for: signs, sign riders (coming soon if that's required in your market/ pending), lockboxes, pick-up, and storage.

I am new to RE and would like to hear from seasoned members who have either been in this shoe or who are well versed with this situation. 

Only tech and big business with cash can survive.i am actually still bullish to syndication but only for niche selective asset class like warehouse or self storage, as common industrial trends are going towards more consolidation of business.... and their IRR is still 20-30% conservatively.But yea in MF there's no creativity, they are selling the same Kentucky Fried Chicken,Alabama fried chicken, with almost no creativity and no innovation.In general I think we could hold that true of the lack of innovation business wide the last many years. ai is a great example.

After I add the outdoor storage lot I would be around 9.5%.

Purchase price: $350,000 Cash invested: $74,000 Purchased this 28 unit RV & Boat Storage facility in Missouri. 2023 construction - 100% occupancy at purchase.