I did some research and there didn’t seem to be any reason why you’d tell the bank your LLC is owned by your SDIRA.

Is it my responsibility to deal with this ?

For anyone who has experience with this, 1) is this a good route to take?

The property has been in excellent condition since it was built two years ago, and I’ve lived there myself without experiencing any similar issues.The lease is a standard Texas lease, and I’m seeking advice on how to approach this situation fairly.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

I just wanted to send out a quick note to see who are my fellow self storage investors on this forum?

Has this happened to anyone else?

You do not want this to become your problem.

Since you plan to keep it the ARV doesn't matter in this calculation.

This would be primarily due to your competitive advantage of living in Chicago and knowing the market.