The other issue is the tenant in the other unit pays low rent and she is limited on how much she can raise the rent.

The points you raise about salary and unemployment insurance I have not run into issues with a holding LLC treated as an S-Corp having to pay a salary to its member or manager also in my experience owner-employees are typically exempt from state worker's comp thus, I have never viewed it as an issue.  

We cannot raise the rent.

If you feel confident in your ARV and reno budget then you can't raise you bid at all. 

I have a small mini storage project and raising $165K equity from mainly friends/family/inner circle.  

I am losing cash every month, but over time, my property manager and I will raise rates to start to cash flow.

I want to begin building something great that will eventually pass onto my children and grant them the financial security that I was raised without.

:Pwasting my raise money on too many material things

Born and raised in Milwaukee.

Which worked great as I raised rent by $125mo!!!