I believe that some overriding indicators for success is attention to detail, ability / willingness to learn and listening to the experience of others.

They simplify everything, which has pros and cons; It's a ridiculously easy process (compared to buying a residential property), but if you're a detail-oriented person (like myself) you may be left wanting more information at times. 

we have prepared detail business plans, we also have proper income statements from last two years and have good credit history. 

What other details of the strategy I have outlined here am I overlooking?

I am not sure what other details are needed to answer my question but I am feeling like these developers might be trying to take advantage of the fact that we aren’t that experienced in real estate deals.

Write out the basic agreement on a yellow pad and include all of the details.

Still, something to keep an eye on.

Just like any new endeavor you're going to want to go into eyes wide open and learn as much as you can beforehand.Please look up investing in Self Storage on the internet - lots of articles, videos, etc. 

So essentially, our own proforma.For capex: we put eyes on the property, assess condition and add budget to interiors in order to get it to where we will get the rents we forecasted in our proforma above. 

I’m here to ask the experts which route I should take, if any.Basic details about me: I’m 34, recently married and no kids but planning to within the next 2 years(this detail is just for you to know that I don’t have much restrictions on moving aside from commuting)I currently own a coop in Yonkers, NY with roughly 50k in equityI am willing to invest in the tristate area but if I have to live in the property I have to limit my distance to Bronx, Westchester and Connecticut.I also have enough saved to buy a 275k property with 20% down or the max allowed with an FHA loan (this is without having to sell my coop)I have excellent credit which will qualify me for loan without an issueThe way I see it I have 3 options in order to get started: Sell my current coop, buy a triplex in a worst neighborhood with more TLC needed, and move to into the property for at least 2 years to qualify for an FHA loan.