This is a very common and popular way to get started investing and it's highly encouraged.It's known as "house hacking" around here on the forums.

One common rule of thumb is to take 80% of the purchase price for improvements and 20% for land.Another way to do it is to look at the county's values for both land and improvements and use those to determine the percentage. 

If you have a multi unit apartment building, I do not advise common area storage for the 28 days of personal property. 

So far I have 1099, Advertising & Marketing, bank charges & Fees, Capital Expenses (for remodels) Car & Truck, Contractor, depreciation, donations, Employee benefits, insurance, interest paid, inventory assets, job supplies, legal &professional services, loans/points, meals & entertainment, office expenses, Rent & lease, repairs & maintenance, salaries & wages, taxes & licenses travel, utilities.

In the course of doing the turnover cleaning, maintenance and repairs, we may discover damages we missed.

attitude, more common in similar threads to this dating several years back, is being replaced by responses that indicate some decency. 

This location is on the edge of the town, but within reasonable driving distance and has a university bus stop.I do not know why there were $15000 in maintenance last year, but i will find out.I have some major reservations since there are a few uncertainties about this one, but I was hoping to get the opinions of more experienced investors.What concerns should i be aware of?

Henry, you will have problems collecting rent if people don't pay.In NY, units without C/O's are common, but it causes issues in evictions, and people can turn you in to authorities.

Self Storage Purchase Price: $169kCurrent: Annual Income: $15,180Annual Expenses: $3,487Insurance: $1,636Property Taxes: $1,177Electricity: $762NOI: $11,693Year 1 Pro Forma:Annual Income: $17,460Annual Expenses: $4,720Insurance: $1,220Property Taxes: $1,375Electricity: $762Grounds Maintenance: $1,400NOI: $12,74038 Unit Breakdown (currently under market rents by $2-8/unit). 

These are very common questions to hear and it's no big deal to answer these.