(please don't hesitate to lay into me here.)I personally don't have the capital to build out the storage facility, but have access to capital via hard money, SBA loan (believed) and/or a partnership for the build out (which could complicate things if i own the land, but partner on the build out). 

You are going to WAY overpay for the property itself, and then have a complicated business to run after you close.

Househacking is fairly simple there's no need to over complicate it too much.

thanks so much for your help on this complicated decision! 

I don't think there is a need to create any complicated waterfalls.

Many partnerships often do a 50/50 spilt - one party supplies funds, the other all the work.More sophisticated arrangements, like syndications, trend to 80/20 or even 90/10.You're situation is more complicated as you'll be living in one of the units.

The process can be overwhelming, but it's not really complicated when you break everything down into baby steps. 

I'm working on investing in Phoenix (just because I'm getting started again after years, so I don't want to complicate things by going long-distance).

If it was there are some other complications.

I have a pretty complicated structure...