As far as I understand it, when the repairs, updates, holding costs, etc. take place have no bearing on anything.

If you are tracking depreciation for purposes of repairs and maintenance (like anticipated timing of a new roof for example), you could probably get away with using excel and then just manually booking a journal entry.

Repairs should be 10%You can get rid of Capex though, as no one really worries abot it on SFR.How much research have you done on property taxes?

Inspection reports will always be a very meticulous report of all items that need to be repaired, or suggested to be repaired in a home. 

Landlord says I will do a full replacement, but not minor repairs. 

The flooding damage cost about $10,000 to repair, and now we've been going back and forth via our property manager to settle the claim with the insurance company.

Repairs needed, conditon of the property, preventative maintenance needed throughout the year and who will handle4.

On one side it's good because you don't have any vacancies but it can be bad because many times rents are under the market and there might be needed updates and repairs that are hard to do with tenants in the property. 

Does the cash invested include any repairs/upgrades?   

When the transaction closes, the purchase is funded, and we set aside additional funds in an escrow account to pay predetermined professionals to make any required or desired repairs or upgrades to a property AFTER the buyers settle on the purchase transaction.