Have you taken the time to search AirBNB and VRBO in those specific areas to see how many STRs are operating?

Hey Dan, renting to a sober living operator can be a great idea.

Franchises work for a reason, but inexperienced operators are why they fail.

Assuming a 40% expense ratio, the net operating income at the current income level would be around $19,440 annually and $28,800 after renovations.At a $360,000 asking price, the cap rate based on current NOI would be 5.4%, which is low for a park with park-owned homes and required renovations.

Your LLC needs more than 4 pages operating agreement.They are recommended by many but not with me.

@Luke Spencer I am not on the management side but I can tell you it took 2+ years to fill 300 units at one of our facilities and the other just hit 300 units in 12/13 months so it really depends on the demographics, and local housing market trend, the more people moving in and out the higher the demand for storage.I think if you're looking at a saturated market then the upfront cash to turn the warehouse into self storage is not a good idea but then again, maybe those operators are on back roads ( low visibility ) and don't push google ads well.

In my experience many unlicensed wholesalers operate in a grey area and often cross over into what is obviously brokering real estate without a license. 

They aren't the actual bank so need to upcharge these fees and hoping in volume they can make enough to continue operating. 

Helped my clients partner up and close on the property, then signed a net lease with a SL operator.

While I have managers handling the daily operations, I still oversee everything remotely.