That may be true, but there are specific economic, psychologic, and demographic reasons why self storage is in demand in both times of prosperity and recession.

I did one that was 9500 sq ft it was a true mansion.. but it was sheetrocked.. it still cost over 1million finishing the inside.and landscaping it. 

I do not know if that is true or not?

@David FriedmanThat’s true I may go that route.

It was considered to be a "blue collar" community, and I think that still holds true. 

The same is true if you file, but don't have a written partnership agreement. 

It also doesn't leave a lot of room for error.Now, I understand that Vacancy and Capex/Maintenance are not true monthly costs, but a $1,000 water heater in Year 3 is what I'm planning for, right?

And for the most part this is not true.

Brandon Abbott and I toured/shopped 11 true off-market, non-brokered properties in the morning.

If the home meets that qualification, then I usually run the true numbers through the rental property calculator to get a closer idea of the real cost and benefits.Using this method if I was interested in a house that cost $52K, it'd have to be rentable at $520/month.