Sorry, but I would check this out - a failover IP can mean something completely different, leaving you with only 1 active IP address at a time…
If you are paying $$ for something, check that the public IP’s you are being provided with are routable - are bound to your host ? If this on a single network interface ? or will the host be presented with multiple interfaces ?
See if they will let you know which blocks the IP’s are in - no point being in a subnet will loads of other Storj nodes, as it will impact your traffic.
If this is a virtual private server, enquire on the IOPS caps, network caps, CPU caps - some vendors will up the spec, but in the very small print it will limit you (they don’t really want you at 100% cpu / disk usage after all, or sharing TB’s of data )
OS is down to you, Debian is fine, or Ubuntu 20.04.03 LTS is also a good stable release - both can run the same packages.
I would use Docker, but I am bias - you can have those nodes up and running in a matter of seconds, once you have the identity.
Keep in mind, you might have a firewall put infront of the server for you, so don’t forget to open the Storj ports for your nodes
… But buying a server is expensive, not sure how that will pay for itself in my view, unless you are getting it around $1 a month…
This will never be profitable. The amount you pay for the server is about what you can expect with 8TB stored data. Until you get 8TB (maybe in a year) you’ll lose money and then you’ll just get as much as you pay for your server.