Then we review the submitted file items and come back with questions or ask for additional documents it is a normal process.

Will not yet be ready for window treatments as the renovation is still ongoing, and getting closer to time when itemized list of damages are to be furnished. 

Never use an Expense Ratio %-  do a line item forecast. 

It can potentially be deductible as an ordinary or rental expense, an itemized deduction or simply non-deductible. 

@Alex Hymanson  you should read the book...Storing Up Profits. 

Reassess whether you need the home warranty, flood insurance, or other items.

You missed an important item: Depending on how a person does #1 or #2, it could get them: A fast-pass to the "Principles Office" for "bullying" and now there sitting in "detention".... 

I would venture to say very few landlords correctly hold their deposits based on local landlord/tenant law but as long as the money doesn't walk away and is not wrongly withheld from tenants its highly unlikely wrongfully storing the funds will become problematic.

You're investing in RE for long-term wealth, not a few hundred a month that can be wiped out with one CapEx item.

Would you have any recommendations, in your experience, for what to look out for in the documents that would be red flags or items that would negotiable?