A client of mine built a Boat/RV storage site near a lake with a lot of marinas. The population is growing over 8% and per the feasibility study he had done it should have rented up very quickly, but it has not. He thought he was selling soon after he opened it so stopped marketing for a while but is now active again. This site was built only for boat/rv storage so no self storage. He has been successful in getting truck storage and signed a year contract for about 25% of his spaces. I think you need to market to the marinas and HOA's.

Congratulations! If you have not already joined the TN Self Storage Association you definitely should look into it. https://www.tnssa.net/

I have seen both happen, depends on the lender and the relationship of the buyer with the lender. Some lenders are more strict than others. Also some states are stricter than others. If you are thinking of selling in the future, I recommend getting the phase 1 as it can cause problems for the next buyer. I've had a deals fall out of contract due to an environmental report.