I look at OM for stated NOI to see if management fee Is customary for building size and the market and if they are taking out reasonable vacancy that would be seen in the appraisal for underwriting with a loan.

Show them on how on paper they will probably make more money in total and be fairly flexible depending om their personal needs. 

This is where I work cap rate back into the equation, using a market cap rate (or the cap rate in their listing/OM) with my adjusted NOI.The biggest gotcha that I have learned in analyzing my deals as a rookie, is assuming annual rent increases and disposition cap rate.

-it doesn't say anywhere in the listing or OM, but there are a few more buildings in this complex that are not part of this deal, I'm assuming that there is association as expenses like landscaping, snow removal, etc. are not mentioned.

I don't understand what is actually going om here.Is this a railway flat?

I'm reviewing an OM along with an attached income statement in excel. 

The issue I'm facing is how to make a OM that fulfills legal reqs.Do you invest in the US or Canada?

Turn water om and go section by section opening g valves and checking for damage.If you really don't want make a mess you can use an air compressor and fill it with air.  

Also the property you send the OM in or flyer and the lenders look at it in pre-screen to see if they have interest to do the deal.

The NOI was about 30k off during due diligence from what the broker put in the OM, but that really wasn't the determining factor for us on a renovation play.