I recently reached out to Avery Carl who seems to be the official STR expert here on BP.

This is an investment property and the equity we now have is about $500k (I said "own 500k" in my original post, but maybe this is the wrong terminology - sorry I am not an expert in this!)...

I'm new to this forum and have searched for posts dealing with this subject.I'm looking for (1) general advice, (2) referral to resources but more importantly (3) 20-30 min conversation/connection to developers (I hope this does not violate the mentor request rules of the forum, I believe it doesn't, but if it does please ignore this 3rd request) who have gone through an adaptive reuse conversion of a multi-story building, preferably a historic building, into self-storage or any other use for that matter.I'm new to real estate development and self-storage, but I've followed the industry for years and have a basic understanding of the drivers/economics.

Because it's my first, I'm not an expert but I think I might be able to help you.

Based on what you describe alone, the classic attorney response "it depends" applies.Setting up a securities offering should run $25-50K, so for small deals that doesn't make economic sense.  

My question, if any expert can please help; is if the General partners are not bringing any dollar to the down payment, is it reasonable for them to charge property management fees of 5% as long as they run the property and is it also ok for the other general partner to collect Realtor fees at the end when property sale occurs taking 3% of sale price. 

Happy to meet other investors, contractors, and other RE experts at BiggerPockets.

Neighborhoodscout.com says 62% of the population is economically disadvantaged as compared to 24% for the rest of the state.

Rentals are not a checklist purchase like some banking “experts “ act like they are.

From a macro level the region is strong and diverse economically, while still being fairly affordable for the rents a good unit will demand.