My first post was intended merely to add another data point to answer the question posed by the OP.

The OP specifically stated this tenant is female, so I stuck with that pronoun.

OP we do self storage. 1.  

hold on a sec, it seems what you described is a co-op ; co-op and condo HOA is different ; the unit is still belong to us permanently.

:)For the OP, we don't lend on subto because we don't want to go in 2nd behind a loan that wouldn't be in the borrower's name in the case of a wrap.

@Theresa HarrisThe OP’s issue is no studs where brackets are.

In fact OP you may have spoken to me 3 months ago (I wouldn't remember), and I would have told you in advance about how this sort of thing can happen, so you "shop around," find someone else offering exactly what I offered, from the exact same very small pool of lenders, identical rates/fees (+/- rate movement over time), they don't include all the caveats/warnings that I did, so you think it's more reliable or whatever, fast forward 2 months, and boom here you are making this thread (incidentally, this means my "incentive" is to just drop all the warnings and caveats, and then act all surprised when exactly what happened to you happens, like I didn't know it was a possibility from the get-go). 

Here is a snapshot with the Formula you should use:To the OP, you SHOULD use Historic Appreciation Rates as one evaluation.HOWEVER, the best FUTURE Appreciation Rates are the ones that use can figure out intelligently.For instance, what are the major developments happening in the target area within the next 10 years?

The OP seems to have disappeared.....don't think she wanted to hear what she got....

Do things the right way OP.