However, there are limits to how small each unit can be.

Some HOAs require a specific statement that the lease is subject to bylaws and also require you to submit leases for unit rentals. 

I am looking at either building storage units or buying a rental property I just dont know where/how to start.

We don’t have any Section 8 units right now. 

I have moved out of the country and find it difficult to keep my units. 

Rents are currently under market one by a bit and the other by a decent amount 1 unit is 1600 the other is 1850.

Thus, it makes more sense to rent the house as a single unit.

Each unit was Redone inside.

I'm seeking some insight and advice on navigating a situation with a duplex we are closing on in a few days; one unit is vacant, and the other is occupied.

I had wrapped my head around residential not around commercial, But to me the deal seems amazing - you guys tell me 8000 sq. ft building7 storefronts on an active downtown street (all rented and currently have tenants)34 unit mini storage in back lot (29 units rented - the rest of the unrented are being used by the current owner)Asking price is $798,000 and owner is ok with seller financingAfter sitting with them today the owner who is 83 said he is ok seller financing and verbally agreed to $715,000 and a 4% interest rate, 30 year note, $100,000 down payment, no early payoff penalty - my lender and real estate agent both came back valuing the property as it sits at $840,000Income = Rentals ($5075) Storage Units ($1935) = $7010speaking with the owner he hasn't raised the rent on either the storefronts or mini storages for almost 10 years - looking at comparables in the area we believe we can raise the rent and storage units easily to push the income up to $10,000 a month 4 of the 7 Tenants have been there 5 years plusCost = Including estimated payment, taxes, insurance ect. would come to a monthly of = $4450that would cashflow $2560 a month at its current with the potential after purchase and rent adjustments cashflow $5460 a monthPending an inspection the property looks in good shape with little to none improvements needed at this timeA quick background I have had rentals before on the farm we own, three houses we rented out so I have some experience) My QuestionsIs this a good deal???