I invest in self storage due to the good returns and the nature of the business.Ultimately you may end up trying a few different avenues until you find the one that you like best!

Think a list of qualifications that applies a weight to each trait:Credit Score - XPets - XIncome - XPrevious recommendations - XLength of proposed lease - XDeposits - XTransunion gives you a go- no go decision but the above may help you grade the quality of each potential tenant while being objective.   

On our own projects, we always make our own assessments of rental rates, and there are numerous resources for this data once you know where to look.You need to determine the business plan, i.e. duplexes vs. larger project, then have an architect layout the design on your chosen path, then run a set of number (proforma) to determine feasibility.

I'm self employed.

That cost isn't really what one should concern them self with when looking at starting one for the purpose of owning their rental properties tho.

You are correct, my objective is to buy and hold.

Offer  the property for sale with very attractive financing terms.Create a self mortgage note on the property, sell the building subject to your notes.

The husband passed away winter 2017, and now there are two separate families working to come to a buyout agreement of the minority 1/3 interest and consolidate control with the wife's family trust.The property was purchased in 1999 with an assessed value of $700k ($600k building, $100k land).

Am I wrong in my assessment?

I already have an existing business and units ready to be placed so if I could get 40-50 units rented it would be nice to have that income as I prepare for the larger development costs to come down the road.I hope to build a much larger pad where I will need additional permits and then eventually actual self storage buildings.