How do small town banks appraise storage facilities?

With all that's going on in society right now, be extra careful to screen screen screen your rental applicants, and do so beyond the standard credit/background checks, especially since here in Chicago eviction courts are shutdown.

Many of these students work in a state of the art research facility nearby. 2.

If renters want to sleep in the closet or on top of the kitchen counter, that's really none of your business.Edit: you can also reduce the likelihood of this happening by implementing occupancy standards.

If he would meet your standard application requirements, then welcome in your first new tenant.If he doesn't meet your standard application requirements, apologize and tell him you aren't keen on the lease-back option.OR, offer him a month-to-month/3-month/6-month lease until he can find another place to live. 

Unforeseeable EventsYou meet the standard requirements if any of the following events occurred during the time you owned and lived in the home you sold.Your home was destroyed or condemned.Your home suffered a casualty loss because of a natural or man-made disaster or an act of terrorism.

So I'll base my opinion off your numbers.120k ARV using new LTV 65% for a standard as I have heard some lenders moving to 65%, so it is $78k for refinance.Loan on $78k @ 3.5% APR is ~$650 PITI for 30 years conventional, also used rather high insurance numbers here for a conservative estimate.You paid $19k cash with ~$35k rehab for ~$54k in total costs.Refinance of 78k - 54k cost = 24k cash out at refinance. 

Unless there is a reputable plumber that knows how to service the tankless you are considering then stick with the standard heaters.

You should call as a prospective owner/customer and see what's standard in the marketplace. 

The market has shifted from the old "gold standard" of 70% of ARV minus rehab as a solid number for the investor/ buyer.