Since you're investing out of state, the latter is not exactly feasible for you, unless you plan to narrow down your search to one area and frequent it.

The plan is to convert a commercial space to a three bedroom apartment, rehab and rent the other commercial units and build-out a self storage facility in the 4,000 SF walk-out basement.

I want to protect myself from any damages if they accidentally bump the garage door, or the other tenant's vehicle, but I also am not sure if it's accurate to use my regular tenant's lease, or if it's appropriate to ask for a security deposit.The spot is going for $200, and with my leases I normally ask for a security deposit equal to 1 months rent.I've heard of a storage space lease, but I don't want this to be used as storage as I cannot provide additional security beyond a door lock, working lights, and closed garage door that the tenants are responsible for closing. 

Add extra storage .......get $50 - $100/month more rent.

The question is:I’ve been studying self storage for two years and know a lot about it.

The basement has an egress window but the layout of the basement does not allow me to have the room where the egress window is (that window will end up in the storage room once finished).

Purchase price: $2,100,000 Cash invested: $50,000 200 unit self-storage facility, 6 commercial office units and 3 apartments located in a refurbished textile mill.

Purchase price: $760,000 Cash invested: $10,000 74 unit self-storage facility with a single family house that was mismanaged from the prior lessee.

Purchase price: $2,100,000 Cash invested: $50,000 200 unit self-storage facility, 6 commercial units and 3 apartments located in a refurbished textile mill.

Build storage units in the basement.