If you remove $$ from an account and then put it back within 60 days of closing (shows on bank statements) it may raise a red flag.

My boots on the ground (realtor/broker) says Las Vegas market is red hot.

I’m in OK and we are a very pro landlord state and I have not heard many people skipping rent, collections remain relatively normal.In many ways unfortunately, it seems like it’s the big “blue” cities like in CA, Chicago, NYC, etc that are having the collection problems and generally speaking the smaller “red” cities seems to be doing better.

LA is difficult to evaluate like that because there are actual hills they may be selling a 1/4 acre lot but it is almost straight up and down, not to mention all the red tape in CA and LA more specifically. 

Where I sit in a landlord friendly up and coming red state, the price of real estate has gone absolutely crazy.

That's a recipe for disaster.I would look for tertiary markets where there are few, if any, major storage players (Public Storage, Extra Space, CubeSmart, etc.), where there is population growth but not too much (too much will draw the aforementioned big players), where they is high demand for storage, indicated by facilities that are occupied and raising rates, and where you feel you could come in and improve an existing facility that isn't being operated professionally or to it's maximum potential (room to build).Or, just invest in one or two via a syndication.

I second @Adam Tafel, the Mpls market is red hot and sky high, no logic in waiting as there is a lot more negative potentials in future than positive.

If you can provide all of the property expenses, I can help you analyze the property.One red flag to me is the numbers on the cafe.

A couple hazards I always suggest to new players in the market:1) Know closing costs as @Zachary Paul said above.

Red: it is important to get down to the bottom of this because utility costs can be killers, especially in Packer country and points north.