@Malia IrvineMalia, look into an FHA 203k loan in your area where you can buy your first property sfr up to 4 units owner occupied and includes the repairs of a below market house/ building.  

@Tom S. thanks for the heads up on the balloon, I included that in my proposal. 

The only utilities you should include in your calculations are ones you plan to pay.

Water rates in the area are high and also include sewer based on the amount of water used.

I’m a newbie in the self storage business and I’ve managed to negotiate a deal that includes seller financing.

In a townhouse, your legal description will include "Lot and Block", meaning you own the land the structure is on, and you own the structure.

However I kept the units small and included them in the ammenities of the units as an additional selling feature. 

Read the local property code and file for the maximum penalties including lawyers fees if you use one.

Make sure to provide the real estate agent - your lease agreement including all additions and provisions, instructions on how to screen the tenants (you set the terms according to the specific house in the specific neighborhood comparing to other rental in the area). and you let the RE agent list the rental in the MLS.

If you do and have a claim for your rental propertty, you won't be covered.For your rental dwelling policies, you will want loss of rent and business liability coverage included.