I would like to complete this as efficient and effective as possible so please critique all the flaws in my plan.Find responsive realtor to assist with possible counter offer (I’ve learned I don’t enjoy the lack of formality with a dual agent.)If offer is accepted, create LLCContact firm to structure lease agreement which goes into effect, if and when I become the owner.Agree on terms and sign document with business owner (Aiming for 3-5 year lease or term equal to investor loan.)Armed with agreement, finish discussing financing process with local bank.Investor pitchLocate temporary storage for business if needed.Complete loan processClosing, etc.Other Details:Offer on property 150kAprx lease amount: 3kInitial offer made 32hrs ago through seller agent Cons:Not in the town in which I live.In slight distress.Finding a responsive realtor around here is like pulling teeth!

I try to stick to non-time-sensitive refinance only in the non-qm space.

lolKnow that while Self Storage can seem attractive, it is a LOT more price-sensitive to inventory.

Lenders don't always require Phase 1 reports but be prepared for a recommendation of a Phase 2 report if there has been any indication of above/below ground fuel storage and/or any other type of environmentally sensitive materials.

Gary Marker Well, you've been kicked in the teeth.

Don't set a lease term for more than 2 years due to mortgage terms.Some units are sensitive to market conditions, college students again, run by semesters, when school is out they'll be gone.....or will they?

Students are generally harsher on the property but they are less price sensitive.

You get to cut your teeth on the finding good deals part of the business.

This ties to what @Ryan Evans said of being hyper sensitive to location, which in up and coming areas is somewhat speculative, thus increasing the risk.

They can be very profitable but are also very fragile and sensitive to economic downturns like 2009 and right now.