It becomes even more important when you are investing with a partner since it can impact both of your lives.When you create a LLC within a partnership it provides a few different benefits.

There are many factors that impact the yield and a big part of that is OPEX.

However, I don't chose to, because the impact of UBIT and UDFI is a bit complicated enough I'd rather stay out of that.  

With that said, I personally have not seen dramatic or drastic effects of it impacting our RE market. 

@Brandon Hobbs, I agree with your assessment that urban areas will be impacted more than suburban and rural areas which is good for me as I operate primarily in secondary and, more accurately, tertiary markets:) I also tend to think that this niche will have a far greater effect on the moving industry than the self storage industry. 

I think what helped me was meeting other investors and getting the inside scoop on what they were doing and how it was positively impacting their lives.

Adding in some value adds for one time increase in return (difficult via turnkey) could also help make an impactful difference.Simply managing units at $200/unit per month will not get him very far unless he goes true multifamily (A 50 unit apartment at $200/unit would provide a meaningful return and can scale).

Neglecting to include, or reducing the impact of, other economic vacancy factors such as loss to lease, bad debt, concessions and non-revenue units. 

Like @Joe Edmonds said, I could live on 10 or so paid for rentals and it only takes a few to make a big change in a middle class lifestyle if you also have a W2 job and that's enough impact for me.   

If it is a long term investment, I don't think real estate cycle will make an impact to your investment. 2.