Only caveat I would add is for many a freedom number may also include some "fun money" to support you and your family's short and medium term goals beyond just paying the bills.

@Victoria Huang and @Janea Crum - that's all we do at WREN is network, support, encourage and work with other women real estate investors. 

This would be more of a variance request in most municipalities, and it's still very often a long shot, requiring actual support from the neighbors and a long and laborious pile of red tape. 

We're hosing a toys for tots drive as well and could use all the support we can get! 

Go conventional if your income can support it and get your money back on the HELOC to be redeployed in less expensive areas or to fund flips, again, in less expensive areas. 

I appreciate your support.

It should be a relatively similar process, the difference being learning how to crunch the numbers and building a network of support people (handymen, etc.) 

I have a good stock of dry powder and fantastic support from my local bankers so ready and rearing to go on the next project!  

A 70 unit facility most likely won't be able to support a on-site manager.We run our facilities remotely and utilize a local caretaker for on the ground tasks.When it comes to running numbers, my back of the napkin math looks like this:Projected gross income (I'm usually looking at a $/SF number between the 10x10 and 10x15 sized units of nearby competition)x 90% occupancy- 35% expenses= stabilized NOIObviously, this is a gross simplification, but is typically where I start.If you do get into storage, you'll find that it is a great business to be in. 

We painted every wall, finished new flooring, repaired drywall, all new doors, all new kitchen, partially new bathrooms, replaced a torn out support wall with a header, All new trim, updated HVAC, cleaned up yard / landscaping, removed all trash