Im thinking about buying a 36 unit Storage Facility here in the next month and this will be my first Real Estate Investment.

And the reasons for this discount are:- the property is being sold "as-is"- that the MH's are very old and in bad shape, - it's been very hard to find an insurance company that wants to take the job,- the same happens with the financing, not a lot of institutions will lend leaving the property mainly on the hands of developers,- but the property has already failed at least a couple of feasibility studies,    - It's been on the market for over a year,- In a couple of months the county will start a tax sale,- The maintenance needed is mainly demolishing 4 standing structures, clearing all the junk in the property plus landscaping (this is what I am considering in my repair costs as for now),- There are no records of maintenance jobs done on any of the units, owner will not provide any information about the property neither will do any diligence to provide such, no environmental studies (although the county said that is potential home of an endangered species), - the only fact provided is that it is zoned R-4,- although the property has a wet land area, and 1/3rd of it is forestry

I'm wanting to see how feasible it will be with my availability being limited to weekends due to my regular M-F 9-5.

There are also passive opportunities in just about everything else, such as self-storage, mobile home parks, etc.  

I have just recently started combing my area to see what kind of deals may be around.My intention is to eventually get in to self-storage as i believe this is the best area to invest in for my situation. 

I'm trying to figure out if it's feasible to convert the living room to a third bedroom(each apartment has a kitchen, living room, dining room, two bedrooms and one bath). 

You should speak with a firm that provides an engineered study to provide a feasibility analysis on your property.

Strength of borrower, strength of project and how much red tape or flexibility you want will also have factors in determining to go bank (if feasible) or to use private or bridge money. 

I've done a Phase 1 for the transfer of land that had underground storage tanks and asbestos filled structures...they can get ugly and expensive...

I personally don't like this option, as I would prefer to get out from under a mortgage payment sooner rather than later, but it is a feasible option so I'm listing it.