The shower operates correctly.

And don't trust any pro forma statements they make, get the actual paperwork for rents received, operating expenses, etc.

You'll want to get all the real operating costs from the owner, including pest, lawn care, taxes, insurance (you can get your own quote), maintenance, utilities, management, etc. 

We had coin-operated washers and dryers on every floor of our residence hall.

My question is, Operating agreement is based out of the real estate strategy or standard for all types of strategies.

Don't buy in the roughest neighborhood in the urban core.

Background: A company was operating in Santa Monica from 2016 thru August 2018, then they are moving to LA by end of this month. 

Operating accountproperty taxes and cap ex are paid out of this account also.2.

See if lease has personal guarantee.Individual corporate guarantee from a smaller operator can be weakest because they can BK that one location and walk away from it while running other stores.

I see storage as a small business and I  loved mine.. but I see it as more of an operational type business simply because you have more turn over and such compared to parks.. you get the right parks and you have ZERO turn over.. now low end rat trap parks are tougher of course I am talking about what I call investment grade parks.. and they trade at low cap rates but if you can move rents over time.. they are solid.