If it's a drive up Self Storage Facility you can typically build on 30% of that (~15,000 sq ft * 2 acres) the remainder being driveways & aisles, retention ponds, etc.If it's a multi-story (single entry) Facility you can typically build on 70% of the land.However, you will certainly want to have a Feasibility Study and Supply index completed to ensure that it makes sense to bring new Storage online. 

This would ensure the heirs wouldn’t sell to someone else after probate.

Ultimately, it is better to be safe than sorry and ensuring someone has good credit means they will be able to pay their rent on time and are responsible with their money!

This will ensure that others will feel the same way and if you WANT to live there chances are that is a quality asset.

You're better off to ensure the contract states only units less than x years old are in service.

Would it be best to use an outside company for our rehabs in lieu of using his company, as to ensure he is invested in our company.

Find someone qualified to look at this type of home and don't cheap out; a good inspection can save you a ton up-front and over time.Also pay close attention to the foundation (assuming it's a rubble/stone/brink foundation) to ensure that its straight, not bowing or seeping water. 

You must protect yourself and getting an EMD usually ensures that a buyer will not back out of a deal.

And generally, people living someplace want similar things (a parking spot for all cars, laundry on site if possible, a dishwasher, etc.).Also, if you're going to live there for a year, you can take your time checking out the rental competition during that time, to see what's "standard" for the area and then make some of your decisions on that basis.Lastly, my understanding is that the 6% non-resident withholding is only an amount withheld from the sale to ensure that nonresidents actually file their RI taxes for the tax year covering the sale.

To use some hard money lenders a lot of times and to really ensure the private lenders position and strengthen your proposal, you should get some construction insurance.