It would be nice to get everyone on a lease but you'll lose a few gold tenants in the process. 

Look at the chain of title.

That it became apparent that you were chained to it Body and Soul.

@Jamie Moyer I lived in the city (Gold Coast) but I am from Wilmette.

"Also if you had any recommendations for someone that is just starting out utilizing this business model that would be appreciated as well." for most people, the strategy will turn into Fool's Gold.

I like big chain banks because they're generally everywhere.

Hotel chains are getting into it. 

@Erin O'Connor SmithHi Erin,The first question before spending any money on their construction (or building permits/increased taxes) is do people who pay $500 a month have enough disposable income to make building them worthwhile (will they pay to rent them), and secondly, does paying for extra storage fit their demographic (or will they just live with things cluttering their renal units).If you think it's a good business move, Chain link fencing will allow you (and the fire dept. and the Police) to see through the storage units if needed (because they are in the basement of the building not offsite).Just my 2 cents.Good Luck!

As my profile states I have had this ball and chain for over 10 years (purchased in Oct 2007 for 160k).

Stick with the world gold standard in a Cook Islands Asset Protection Trust or the hybrid Domestic Component Bridge Trust if you don't have a reason to go purely offshore by using a connecting "migration" clause.