There was so much mold in the seal on the doors, we just threw it away & replaced it. 

Now, as @Lane Kawaoka mentioned, you can get a larger loan of over $1mm and then qualify for Freddie Mac SBL or Fannie Mae.

Your agent's license may open doors you haven't even thought of. 

I'd also wonder what the costs were estimated to install things like insulation, kitchenette, removing/adding doors, etc would cost and how fast you could make up the initial investment in rents.Then of course you'd have to consider if your family will be able to handle giving up the storage space LOL

Or (like me) you may just have to have larger reserves than you personal would have to make him feel comfortable.

As you have all mom & pop tenants you may need to sacrifice a little more on the first deal to open up the door for other potential deals. 3. 

A good SFH around blossom hill area rents for 3400+ for 3br2ba.Better than average townhouses:1)  single shared wall instead of 2.2)  larger front and back yard.3) dedicated garages.Not as good as SFH:1)  street full of duplexes so lots of cars.2)  neighbors properties are mostly tenant occupied.

I prefer to find a four-plex or larger in the DFW mid-cities area to live in while renting.CHALLENGES:1.

Essentially they become an investor in a larger property (multi-family, self storage, etc), receiving a preferred return every month with ZERO action required while still staying exposed to the real estate market.

In the Denver area the trend is for the larger municipalities ie Denver and Aurora to limit STR to primary residences or stays or 30 days or longer.