When an owner replaces or retires certain items (e.g., lighting, HVAC, or carpeting), they can claim a deduction for the remaining undepreciated value of those items.

I look at every single item in the pro forma and imagine that it is complete BS, and see if I can challenge it.

The good news is that this is the perfect hidden health and safety inspection item with which to negotiate a price reduction.

Your renters will destroy these items and want you to replace them. 

It’s ran like a business, not a personal investment.Given the heavy workload I have being the CEO/founder of the wealth management company, my wife has set up a well oiled machine on the property management side, due to her perfectionist drive however, it still means that she's constantly dealing with tenants and toilets and replying to items at all hours of the day and night.

Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.

Garbage disposals are my most often replaced items. 

I have one I have drafted up but would love to compare against others.What are some items you always included in your MTR rental agreements?

I figure the ones over 50 or 60 years old have already had all the big ticket items replaced.

Depending how long your LTR was in there, you might need to fix or update a few items.