I am looking into buying my first self storage facility.

He'll still be renting - just from you instead of others, and at all the costs to you that you have enumerated.Your son doesn't "need" to buy a house.  

Jeffrey:I'm connected to a large group in Indy that focuses on buy & hold SF and apartment (commercial) residential real estate. 

Quote from @Roxanne Whitaker: Please be aware if you buy an investment property and do not live in MD, when you go to sell it you will pay an 8% tax at settlement. 

Over time, I discovered mistake #2 was not buying them right.

And using the process buy a new property or properties that you also intend to hold for investment use.The issue for you might be that you purchased this property with the primary intent of selling. 

For simple math let's say it's $100k buy.

More doors means less vacancies and it might motivate you to save up and buy a new SFR when you are ready to settle down.

As a CFA you probably know the old quote from Warren Buffett who said something like "buy what you know and understand". 

Hi Folks,I would like to know your opinion, is it good idea to buy $1M multifamily (two family) house for investment purpose in jersey city area (jersey city heights).