There is also a large 12x14 storage room that could be converted into a room too (or opened up for a kitchen).

We are implementing a similar strategy at 18 units and since have put a multi and a storage facility under contract with 3 more offers out.

Would it be a good idea to put in mobile homes (assuming that we could get approval from the township), put in storage spaces that could be rented out or to build additional rental/condo units? 

We're talking buying houses here, not shoes.  

You can diversify within real estate itself, be it acting as a private lender, purchasing notes, investing in a fund, buying a storage facility, etc. 

Storage shed on property for maintenance.

And tell them you will dispose of it afterwards;  you are not a storage company. 

There is a 38-unit self storage facility listed on MLS with average rent of $60/unit; Built in 1998; located in Porter, TX, which is in Montgomery County (north of Houston).

I personally do it in the self storage sector and own multiple properties 800-1000 miles away. 

A question for both of you guys is "if you woke up in my shoes what would you do?"