Just make sure there aren't a lot of repairs needed to command the $1250 market rent. 

@Shannon IlasMonthly/seasonal rentals have been commanding premium rates in my market for some time now. 

This was touched on, but secondly, selling appears to be the only real exit strategy as I don't think this property will command the rent needed to be a viable rental after expenses.  

Since this is your first deal, he has the upper hand in terms leverage and can command a bit more in equity split. 

As this grows, say over 100K, you can begin reducing the per centage, from 20% down, but I would never dip below 15%.Compare this too, as you said, in your debt/income ratio to command reasonably expected earnings to cover unforseen expectations.

But the are transactions made, prices for speciality homes may still command a premium and appreciate with demand.

Thanks for the info, that is very helpful...So are you saying that if the trustee passed away that the wife would be second in command or could it be an unrelated party?

What software do you guys use at your facilities, Sitelink, Storage Commander?

The work done was good based on the interest in the property and the rent it commanded.

And the area around WWU commands a premium.