Our investment group has been approached about acquiring 4 storage unit facilities. 3 in Carlsbad, NM and 1 in Eunice, NM. 

I just bought a 5 plex with a shared laundry and storage room.  

Maybe you can convince those relatives to get the tenant to write you a note that he's turning the property back over to you and that they will move his stuff into storage.

I'd take a hard look at some of these niches because of concepts around scale and higher cash flow per unit concepts that can me managed / outsourced to experts and you can generate solid cash flow:  large MF apartments, mobile home parks, storage facilities, and student housing. 

The requests made in regards to the lease, escrow, and he dog are just not feasible and you are unable to accommodate those requests for any tenant at any time. 

Other lenders are more foreclosure-happy and would rather start the foreclosure process than to give you a couple of days for the refinance to go through.If you need a loan for anything, whether it's new construction, transactional funding, short or long-term buy-and-hold, SBA, self-storage, adult family, parking garages, etc, I can probably help you find a lender.

Is it feasible and would you recommend any other courses of action we should take.  

You have to pay the Sheriff for the siezure and storage and it is really dumb to try this.

Specifically, Ive been looking into storage unit facilities, but from what Ive seen on the market so far the prices are little steep for what I can currently afford!

I have searched the forums and could not find the answer to my question directly...Basically I wanted to investigate the feasibility of a commercial loan refinance with cash out.