If it isn’t a local code item then I’d be inclined to not worry.

For these young engineers its like living in a hostel.. having made a few presentations at Google headquarters you can see how this would work you get all your food for free and only go home to sleep and shower basically.

Regardless of your field, I encourage you to put on your audience's hat when building a plan or presentation to make sure their action items are clear, else you'll lose their attention.

Thanks, but my question was from the perspective of having these reserves counted as deductible expenses (since is prudent to keep them available) and lowering the tax footprint, as mentioned by @John Clark.But since you mentioned how to calculate them, this how we do it - I have a google spreadsheet that tracks all the times, with their considered lifetime expectancy and the date the item was placed in service.

When he does find a minor item, no title insurance policy, bonded attorney opinion, or warranty is going to satisfy him.

are there any big ticket items coming up that will need to be repaired or upgraded? 

@Ruchi Patel if the walls need repair from damage, like painter will itemize special primer or cleaner so crayons don’t bleed through, then my understanding is you can charge them for that part of the job, but only if it’s an additional charge above the normal paint job fee.

Depending on your tax situation the timing of that deduction could make a big difference especially for rental property because there's no phaseout on deductions like there is for itemized deductions for your primary residence.

They will often ask for the following: Itemized construction budget Corporate Docs (if an LLC) Evidence of cash available

Again, not to say there can't be bigger issues, but I have had more issues with the quality of construction in modern updates than I have ever had in the original items.