@Chris Allen, if you want to be thorough, make sure to account for the following expenses:1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance  a) Property Hazard Insurance (0.3-0.45%)  b) Flood Insurance  c) Earthquake Insurance  d) Umbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy)  a) Water § Sewer § Garbage  b) Electricity  c) Natural Gas  d) Propane9) General Maintenance (usually 5%)  a) Upkeep § Landscaping  b) Snow removal  c) Repairs  d) New Appliances  e) Make ready10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.), including...  

Here at least it would be a simple matter of going to the assessor and requesting the tax parcels be merged....which would not in any way change the nature of either the mapped or legal lot status.

I won't spend too much time going over what a Series LLC is because there are hundreds of threads on the topic, but I wanted to share the language that I included in the 'Supplemental Provisions/Information' section of Texas Form 204 - Certificate of Formation Limited Liability Company. 

The previous owner had a u-haul business there, but it didn't seem to bring in that much $$$.What other services do you provide to help supplement additional income from just the storage aspects? 

It sounds like her father needs/wants the cash flow to live on / supplement.

But even so, natural gas could be ignited by other things too.It seems like every natural gas detector I see online is "plug-in" only.

Turnkey by its very nature you are paying a premium for. 

I also have all of my 401K and Supplemental Annuity retirement funds on the US Real Estate Index Trust Fund and I am starting to get a tad worry.

I have been an investor much longer than an agent and naturally work with a lot of young investors, which is something I am passionate about.

My fear is, that if i sacrifice the location, it will either depreciate naturally or since it is not in a desirable area, after the market evens out, the properties value will never even get back close to what i purchased it for.I know i should be searching for a deal to make this purchase the best possible case scenario but i am unsure how to tell when it is a deal if its already rehabbed.