That leaves me with $460/month to cover vacancy, any repairs that pop up which should be minimal since I'll rehab it as soon as the current tenants are out, and overhead (self managed).

Hello everybody, I'm a self educated newbie investor from LI.  

It simply spreads those costs out via a premium.In general, insurance is for events that you can't self-insure through.  

Hi Steven,It's definitely possible to self-manage while you're working full-time, but it's not exactly going to be easy.

You could learn about self directed IRA's and approach people that you know who have nice sized retirement funds and tell them how they could earn 10% on their money by becoming a private lender on a house that you want to buy and flip.

Pay for it your self and cover costs in the sale (my personal recommendation).

BP has it all, and with a little research, reading, and listening to the podcasts you can easily self-educate yourself.

@Nate B.You might check with your local self storage realtor expert to see what cap rates other self storages are going for. 30 units is on the smaller side, so it might be harder to find comps.At 8% cap rate, your facility would be worth $315,000 at your projected NOI.

Both the Solo 401K and self-directed IRA can be used in any real estate investment opportunity that your personal cash can.

It can be really time consuming to self-manage a property (the average self-manager spends 8 hours a week doing so), and if a manager is able to provide a guaranteed rental income without charging a commission fee, it often makes sense to pass off the work to someone else.Where is your vacation condo, and have you been happy with your current management situation?