Condos won't appreciate as fast as detached single family homes, but it's not a bad way to get in the market.If I was looking at a condo, I would also consider other factors beyond cash flow; specifically amenities that will attract tenants and maintain the rent at market rate (things like off-street parking, outdoor/patio space, storage, office spaces for remote workers, etc).As far as the numbers go, definitely budget for repairs and reserves. 5% vacancy (1 month/year) is typical.

I am just getting started in researching self storage, but I wanted to know if there are any safeguards a self storage owner/operator can have to protect them in case a tenant stores anything illegal in their storage unit (explosives, drugs, dead bodies, etc.). 

For properties that have a garage, that acts as a great free storage unit...otherwise, I use one of my company's box trucks to store materials.

We do Self Storage, but here are some questions.1. 

Hey everyone,I have a deal on a mixed-use (already zoned appropriately) historical building in Wisconsin that is an off-market deal and that's been empty (used by the owner for storage) for the last 12 years.

I purchased a small house in 2018 and rented it out from Aug 2019 - Aug. 2020 to my sister to use as storage. 

If you buy lower, the chance of you making a mistake that tanks the deal is much lower.

The house is a 3/2 and currently has a 40 gallon tank.

Anyway a long story long he called me yesterday frustrated that the management company was emailing him and based on what emails he forwarded me and reaching out to the management company he has to sign a transient storage agreement which basically says that he agrees to pay $800 a month until he either sells the place or moves it. 

The deals that you can get from bank owned properties that are 50% or more off their 'fixed' values is because these properties require major work, not $15k, but more like $60k and up, often more than the property initially costs.Example:  I bought a 4 unit apartment building and small storage unit building for less than half its value.