I have many questions but two that I would really like info on are:1) The previous owner turned their storage into a 1 bedroom 1 bath, we plan to rent it out also, is there anything we must do prior? 

New bathroom, new kitchen, new floor, fresh paint What was the outcome?

There is also self-storage, office, industrial, warehouse, hotels, senior living, etc.

Fresh paint in a light neutral color and the place being super clean & not having an Odor (maybe put in air fresheners) & taking nice bright clean photos for the rental listing is the biggest bang for your buck in my opinion.

People like storage space.

If you would like to rent to these people, but you are positive that the walls simply MUST be repainted to their current colors at the end of the lease, maybe increase the security deposit to cover the cost of professional repainting (when they leave you have "freshly painted" walls for the next tenants). 

But in past decades, a lot of people believed that a lack of "fresh air" was the cause of many diseases.

It has an attached garage, 3 bedroom bungalow so 1 room upstairs and 2 rooms downstairs, 1.5 bathrooms, and freshly renovated (not sure if that even matters).

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.