Did you work out the numbers on a typical cost of a build in your area? 

Best tenants, less wear and tear on your property and typically 1.5-2x the rental rate compared to long term rentals.

Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

These attorneys typically know the ins and outs of each assessor’s office and have better luck negotiating reductions.I’d also recommend talking to local real estate investors and asking them which lawyer they’ve used for challenging assessed values.

They sign up for a guru, co-sponsor a couple deals (typically for someone else that has no real experience) and then start sourcing deals themselves. 

Turning raw land and a mobile home into a quick profit with your own cash is a serious play – most people only dream of that kind of hustle.You're smart to want to keep the debt light and avoid typical fix-and-flip loans for these unique deals.

So...Who will you call to fix your gate, what management system are you using, what is your advertising budget for the property, who many employees will you have on site, what is your retail mix, how many carts will you own on the property, what is your balance of interior climate controlled and exterior units, will you allow RV and boat storage, how do you handle someone living in a unit or running a business from your self storage unit, what is the real demand for storage in that market, does your client base have enough expendable income to afford storage and/or absorb your rent increases, how long of free rent or other promotions are you providing to get your units full, are you planning on expanding the property, how much are you co-investing, what are your fees, what is your carried interest, what relationships do you have with brokers or owners, what markets are you focused on, how are you different than the hundreds of other self storage syndicators, how much time are you dedicating to this venture versus your "day job", do you have the net worth to secure a loan yourself, what terms are you finding for the loans, are you providing the personal guarantee or relying on someone else, fixed or floating rate, what auction company are you using for unit sales, what have you done professionally that would give me the confidence that you will figure this out on the fly, how frequently are you paying distributions, how can i monitor the health of my investment, how frequently will I be getting updates, do you have an investor portal, have you setup a website and professional email address, who is your management company, how many did you interview before settling on them, how many are operating in that market in case you need to replace them, will this be branded units or creating your own brand...At the end of the day, the reason you will be raising money from your friends and family is because they typically won't even know to ask these questions. 

That makes it difficult to qualify as real estate professionals under the tax code, which would typically allow you to deduct passive losses against your W-2 income.The first thing I’d want to confirm is your total income.

Also, with regards to Nursing, travelling nurses tend to have a harder time getting pre-approved because they are typically 1099'd and dont have two years / employment stability.

How do you typically underwrite risk when evaluating seasoned notes?