If your laundry facilities are in the basement, then that shared space can't be counted as being rented out.Don't forget that since you have to make a depreciation deduction its usually considered a "good thing."  

Something to also consider is making a self-storage facility out of shipping containers.

Salt Lake City stands out as a potential candidate because many of the required facilities are already in place.

@Ethan Cooke Thanks for the response! 

@David Cook, A somewhat complex twist on the 1031 might help you out - depending on valuations and how constrained you feel by those timelines and trying to purchase the second lake house. 

Hi @Dillon Cook, DM me and I will refer you to our local CPA who handles out real estate business.

This employer is set to bring 500 jobs to the area with its last-mile delivery facility.

My one main concern is the physical strength of the building, in the sense, can you convert to a self storage facility from a building that has a basement?

How long do you think this contractor emergency call system will work if the contractor gets a call at 2am because the stove isn't working and the tenant needs an emergency pizza cooked :)Also, what if you've instructed the tenant to call this contractor for all emergencies and the contractor doesn't answer at 2am.

I am looking at some possible facilities to buy but was curious what is the best form of financing my first project.