@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.

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.

Both Lifestyles' and Brad's training was/is excellent. 

As a smaller, self-managed landlord I think solutions that offer that kind of scheduling/logistics framework are solving for one of the most long-standing self-managed challenges we've had for years: how to scale and systematize operations when you're are landlord or PM out there hustling for your next deal. 

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.

Servicers have merged and operate on thin margins.Refinancing with a credit union or bank doesn't solve the problem.

Maybe it's conjecture on my part, but I think a good agent (good being the operative word) would have encouraged you to start by offering lower and saved you more than 2.5%. 

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