The price for a property that size will vary on various different factors- market, age, condition, how it is currently being operated/income, etc.

Property management is the running of all the systems that it takes to keep a property operating at maximum profits.

I actually know an operator who has prior experience regarding investing in student housing.

It would be a shame to set up in an area like unincorporated Adams County that doesn't currently have an ordinance, but where STR's are operating "under the radar", only to have short term rentals banned completely soon after you set up (tighter restrictions on STR's has been the trend over the past 10-15 years, although lately some places like Arvada and possibly soon Lakewood have reversed the trend). 

If doing that is too much, then this person may be better served with a more passive real estate investment strategy like syndication, where a General Partnership team finds and operates the deal.

The generally accepted order of operations is:1.

No fancy sales pitches, flyers, post cards, or anything else.Around 80% of storage units are owned by mom-and-pop operators.

My thinking behind these questions is that I want to make sure separate my operating account from cash accumulation that I can then use for more property acquisitions. 

I didn't realize we were walking into such outdated operations or I would have prepared my own system.

Annual rent ( Rent paid by current tenant and rent paid by myself while living in vacant unit) - Estimated Operating expenses (prop taxes, insurance, utilities not paid by tenants, R&M, etc) - Annual debt service on 1st mortgage loan - interest for the private party loan = what’s left over for investorThat’s the easy part.The exit value will be much tougher to estimate and will be dependent on where you think property prices will be at the time you plan on moving out.