Compare that to the good fortune I've had in self storage, and there's really no comparison.  

In reality there are a multitude of ways to be financially successful in real estate whether it is investing in Multifamily syndicates, buying single family homes, lending money, investing in mortgage notes, self storage etc.

I don't know if you make money off mold remediation and magic special cleaning solution and negative pressure devices and expensive pink-colored P100 respirator cartridges and how awful bleach is and the whole rest of the mold remediation con.

It is under 1000 sq ft livable space with a dry basement for storage and laundry.

We have no desire to rent out the structure and intend for it to be "mixed-use" - i.e. storage, playroom, game room, occasional guest room, etc.I think my main question is this (though any other general opinions are very welcome):  If the city comes to us and complains, I assume we'll have to remove the stove, and possibly the shower. 

Storage areas?

On our self storage deals, we always begin with the premise of creating over 20% return - because over time this is the most common response we have been given.

If the IRA were to have someone (not you or your father) build a structure and that structure could be rented (storage, perhaps), the renal income would also accrue to the IRA.Development/subdivision and flipping can cross a line and become viewed as a trade or business depending on certain details. 

When that happens we have to hold their belonging in the apartment or a storage unit for a few days, if they don't pick up their stuff then we dump it. 

If you do 9, you can also offer lower rents in the summer so they can use the units as storage so they don't have to move out, but only if they agree to sign up for the next year.