Yes, we will be able to live in our own house and not throw away our money in rent, but we will lose all the cash flow because we will need it to cover the primary residence mortgage. 

Only mortgages as debts which are covered by rents.

The first year was tight because of higher interets rates, but his tenants effectively covered about 70% of his living costs.

Think beachfront condos that not only cover their costs but actually give you solid cash flow.

And you avoid things like damaged properties (guest insurance from airbnb or prop manager themselves cover that), evictions, collections, etc.   

Umbrella insurance is crazy cheap for the benefit, and it already requires you max out your liability on your other covered items.

Should I present the expenses to all three tenants and ask them to cover the charges?

Most mastermind courses don't cover this, and even the "capital raising" specific ones don't do much of real value here.  

Most lenders are going to want to see a few big things from the ownership group. 1) The borrower will be the enitity (LLC, S-Corp, etc) and any owner with usually 20% or more of ownership in the entity will be expected to guaranty the loan, 2) We'll want to see some experience doing similar projects from at least one of the main owners, 3) We'll want to see bank statements showing liquidity enough to cover the intial cash injection (down payment), the closing cost, and some cash in reserve.

Covers all aspects of marketing self storage.