Phase 1 would be 1 acre of storage units, along with boat/RV storage. 

Upon further research, the owner is in his 70's, has been in business for 50 years and has a pretty large and diverse portfolio, including 736 other multifamily units in eight separate complexes, a self-storage/car wash, three mobile home parks, several commercial properties, several undeveloped parcels and several single family homes.  

There are many more opportunities to scale your investment business in all types of commercial real estate including self storage, mobile home parks, RV parks, large multifamily, industrial and more.

It could also be storage.

Have you considered buying a fancy storage building from Lowe's or HD and converting it into a cabin? 

He is great for teaching people looking to get into storage investing 

I'm surprised no one has mentioned this, but you can get loans and buy car washes in your town, self storage, stores, restaurants and so on.

I also try to identify if rent includes utilities, laundry, storage and parking as those have real costs and I try to figure out the tenants total out of pocket3. 

You all would get a fat return.  

Initially started looking in Los Angeles, California area, as this is where I live, but the market and prices are insane for someone with no experience and daddy with a fat wallet.