We have helped a ton of clients with the process here in Chicago..just be sure to find a team (Agent, Lender, HUD Consultant, and General Contractor) that has done these renovation loans in the past!

They helped us get the best coverage.  

That will help you garner a better picture on if holding this property longer is a fit for you. 

@Jordan Miller - I think to give proper guidance it would be good to share more details on the revenues and expenses on the property.

You could also explore seller financing or a bridge loan to give you more flexibility.

VERY helpful feedback.

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.Good luck.

I agree that working with people is easier and more cost effective than the alternative.As I read this, I'm considering creating a Cash For Keys written program that I can give my tenants at lease signing to remind them to come to me rather than just stop paying. 

@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.

If you have any specific questions feel free to reach out I am always happy to help other BP members.