The leasing fees are the low hanging fruit that makes that business even worth pursuing.

Years ago he bought some raw land and built a self storage facility. 

I like surrounding Columbus/Dayton for raw cash flow and Columbus metro for appreciation/cash flow hybrid.

Especially when there are tons of incentives for grabbing that "low hanging fruit," like there is in your particular situation.IMO your 'low hanging fruit' would be utilizing the new-ish Fannie Mae rule allowing only 3.5%-5% down for owner occupant financing (house hacking) on ALL small multi properties (anything under 4 units, so duplex, triplex or 4-plex).

Also is it worth looking at already approved and entitled land or is it only advised to start at raw land and get it entitled ourselves which obviously would result in a larger profit. 

With housing prices skyrocketing, the increasing cost of raw components and lumber, and labor shortages, the idea of owning a piece of income property is just not in the cards anymore for many individuals.

Hey @Michael Ellis - I have experience with neither but can tell you that this form is probably not going to yield the most fruitful result. 

Will interest rates increase, which in turn devalues the same raw dollars of NOI because of increased debt service costs?

Also is it worth looking at already approved and entitled land or is it only advised to start at raw land and get it entitled ourselves which obviously would result in a larger profit.

Two weeks in, I had a complaint of raw sewage in the garage of one of the units.