I’d just add one tax nuance since you mentioned mid-term vs. short-term.

All I can do is add one house at a time and grow little by little.

Quote from @Mike Kirby: Quote from @Greg Scott: I 100% agree, and would add one thing.You really can't invest IN a 401K, you invest THROUGH a 401K. 

Value add on self storage is super common.

I don't have anything to add on a legal perspective.

I didn't expect to do a value add on the backyard yet, but the combination of wild lettuce that grows 6' tall AND the strong advice of my agent, decided to do a nice sod/ mulch scape.

Just goes to show ARV is really just an estimate, and the market has the final say.It gets a little detailed but things that factor into value to the buyer are price, concessions, type of loan, negotiated repairs or addons and so on.

I will add one caveat to be very careful of - many states specifically disallow collecting more than a certain amount for security deposits, and that's going to be applicable regardless of tenant approval or not.  

You've also got the option to take interest only financing on this between 1-10 yrs - rate add on of .25%, if you go the i/o route.  

To add on a thought to your post, one which you've already implied.