@Nicholas Gray1) Potentially look into performing cost seg on your property to see if it makes sense $$2) Why are you not working with a CPA on your questions?!

I think for my first attempt at the self storage game would be to buy a existing facility that is poorly performing, but in a good area.

As such, generally an attorney is better suited to assist you with this (especially since it could be considered the "unauthorized practice of law" in California if a CPA performed this for you). 

It sounds like your reserve is only increasing if you have outstanding invoices or they are expecting invoices for work performed.

We made two short trips there in May and September to check on the place and to perform maintenance (10 days total between the 2 trips).Things were going so well that we decided to build a second STR.

Challenges for this project included my former plumber taking forever, the appraiser hosing me on the final appraisal, and my inability to devote enough personal time to perform the small labor that I like to do on the rehab.

Which real estate markets did the best in 2008?? I heard NYC was not affected very much in the 2008 crash. I dont know if that is correct. I know Phoenix took a big hit.

In some states, the seller could actually sue for specific performance, which would mean you would be forced to buy.

The courts will continue to accept eviction filings, but the sheriff's offices will perform no lock outs until after April 3, 2020.

I am a current investor in short-term rentals (STR's) in Arizona, with (4) properties that have performed very well.