I have quadplex with an 7 spot parking lot and was asked by a tenant to make one of the spots reserved for handicap vehicles. 

* there are many, many, many different vehicles that can take you to each bench mark in your investing journey and uncovering these to set a path for yourself will be your first step!) 

When the liabilities are greater in total than the assets, within any "investment", then that vehicle is not an investment...at least as far as dollars and cents is concerned.

While not great compared to other investment vehicles the potential ARV is appealing to me. 

Get yourself a dependable vehicle that is not too expensive and does not have a lot of miles on it.

I thought about a space to develop into large vehicle & equipment storage 

The coverage is often capped at around $300k for homeowners polices, and then an umbrella policy would pick up from there, usually up to $1M or $2M, which covers multiple properties and vehicles for the insured. 

To even consider taking section 179 on the vehicle, it must be used at least 50% for business purposes.

Can anyone tell me what the “back in my pocket” amount I’d receive from using the section 179 vehicle tax deduction?

I am not subcontracting the management however.The pro:I consolidate all payments and expenses under one entity.I can decide to take a w2 income from it if I need to show income for a future lender and also I can use it to fund a solo 401k.I get all the fringe benefits of a Corp (health plan, vehicle reimbursement, ...)I am expensing all my ancillary cost pre tax.I am separating operation from ownership and get another layer of asset protection.The con:Another entity to manage, another tax return, more feeConvert some passive income to active income.You may need a license for property management in some state (but you may have an exception for owned properties)