The draw periods of aligning HUD inspectors to cut that check after a period rehab is what concerns me the most - paying a good quality contractor on time so are there any suggestions to play this out more efficiently (out of pocket, maybe)? 

Id love to pick up some nice properties in the subsequent tax sales.

It's certainly possible that self storage might be impacted by COVID-19, but I think it's waay to early to draw that conclusion from this report.Per the report footnotes, the data presented represents "changes in spending from 2019 for the week ending April 1" [italics mine]. 

We are drawing up very clear terms for an agreement that discusses the different outcomes and aspects of the relationship: Who is responsible for what?

Back in the day, I saw the same obsolete lease agreement from 4 different attorneys that was originally written for a portfolio owner 15 years earlier.What then happens is that you take this to your attorney who charges you hourly to go through all the clauses that are no longer valid, have subsequent problematic case law, and ambiguous language. 

You will have to develop processing for vetting them, establishing draw schedules, managing change orders.  

Usually HELOC's have a 10-year draw period.

If you are planning to approach sellers that don't have their properties listed - you may want to see someone (preferably an attorney) to draw up a standard offer/contract that you can use; that way if you find a deal you have something prepared already.

@Paul Ko if you are drawing a blank on questions, google the question you just asked and many pages of good questions will come out in the search.

How expensive holding costs can be and what the terms & fees are for taking draws on your rehab money.