In this manual (which I assume could be modified to provide to tenants) I include all the financing information (which you would not include for tenants) bank accounts, mortgage accounts, payment information, and mortgage payoff), a list of the contractors, what each contractor does, a list of upcoming planned or necessary repairs, and a copy of all leases associated with the property.

I would agree if we were talking about financial statements, but as I understand it, we are talking about tax basis reports.For tax purposes, one can use a modified cash basis when filing.

If you are passive in those rentals (not real estate professional for tax purposes which requires 750 hours of real estate), and your Modified Adjusted gross income is over $150,000, then the cost seg is not actually going to save you any taxes. 

However, in the last couple of years, GLVAR modified their PM agreement to include an option for PMs to collect fees while the property is vacant.  

At the very least you will want to have some general foundations set because with time you will modify processes and the learnings via experience you gain.

https://natlawreview.com/article/texas-federal-court-issues-nationwide-injunction-against-enforcement-corporate“We note this is a preliminary injunction, and we urge reporting companies to pay attention for additional updates and proceedings in this and other cases which could modify or change this order.”

I then decided to modify my criteria to look for deals that were 50+ units and found that I had much more success in that space because most credible bigger buyers aren't looking at deals that are smaller than 100 units. 

I then modify those numbers based on the buyer's preferred down payment/return hurdles.

With the ability to add and modify categories in both income and expenses, I think it could work for both commercial and residential rentals.

For all non-attorneys, be very careful when modifying your residential lease!