So I think you are fine, give them the paperwork documenting your ownership percentage as being below that threshold. 

The Solo 401(k) also has the advantage of being more favorable for real estate investments using debt-financing such as a mortgage - as the 401(k) is exempted from a small tax called UDFI that an IRA would pay on the percentage of income derived from the borrowed money.So, as you continue your research and get feedback here on BP, think about what type of program will best suit you needs and be sure to ask questions along that line.

My stance would be that a large percentage of the value in a self storage facility is based on the income stream. 

I want to know what percentage of revenue do you all normally deduct for Vacancy and Maintenance when trying to estimate NOI?

In talking to the QI I’ve been working with, I thought we could designate a percentage of the property as personal and percentage as rental.  

Not all banks count rental income the same, or will allow you to take higher percentage of equity out for a refinance.

The property can be sold and the proceeds would be distributed equitably among the tenants according to their ownership percentage.

You'll want to know how their draw process works if you're planning to have the lender fund your rehab, and the max percentage to ARV they will lend.Also, ask others in your market how the lender is perceived and if they've worked with them before.

The HOA it seems takes a huge percentage of your profit and that is not very ideal.

What percentage did you get as a down payment?