It includes all major assets & liabs, inc some pers prop that has value (or is individually insured) & I would consider selling to fund new found opportunities or if there was a major emergency requiring a change in budgeting/liquidity.My PBS is currently three pages long, broken into sections w/ sub totals to assist in analysis:AssetsReal Prop (Assessed, Purchase/Rent data, 2-3 free online providers like Redfin, then averaged.)Personal Property (Cars, Art, Hard Assets, things not in an account or "foggy" daily market value)Cash Accounts (ie funds w/ access not limited by age, Banks, Brokerages, CVLI, prepaid taxes,large pending incomes like insurance settlements & reimbursements owed to me.)MineSpouseCo-AccountsRetirement Accounts (or anything where access to the value is age restricted)MineSpouseBusiness 1 (Net number carried over from separate business records)Business 2 (List as needed)Liabilities (Would section these out too if I had enough to justify it)Listed in order of assets above if tied to such, mortgages, HELOC, etc.General liabilities listed next, largest to smallest.Net Worth CalculationThen I include several lines of totals; subtotal of amount available for conversion to REI, ratios & simple measures like mo / mo & trailing 12 mo avg % & $ return.My FI goal is over the long term to average at least 1% mo / mo gain in net worth.I have found this to be best for me for several reasons:I have a hard time visualizing a set $ amount as a goal because my amount required to retire would then seem too big to tackle.

Closing cost are things like title work, recording fees, reimbursement to seller for pre-paid items (taxes/oil/propane), etc.Closing cost should be lower on a seller finance deal as there are no banks involved.Your title company will be able to give you a close estimate, call and ask. 

Most want a simple "cosmetic" rehab that can be finished in 90 days.Regardless, I always advise any VA loan buyer to write an offer such that Seller pays 4% of sale price back to Buyer to pay all possible closing costs and pre-paid items ( like the first years worth of home owner insurance, etc.).

Here are the numbers:Purchase price - $210,000, with $4000 put in escrow by the sellers for repairsDown payment - 10% / $21,000Closing costs - $5000, about half in closing fee and half in pre-paids (taxes, insurance)Total cash out of pocket - $26,000Renovation costs - $23,000 ($4,000 paid from escrow), for above-mentioned work plus new central A/C and new electrical panel Furniture cost - $8,000. 

Here's the numbers:Purchase: 136k, 5% down = $6800 + closing costs and prepaid insurance will be roughly 10k downARV: 175-180k, have to see how the neighborhood does in the next year, my realtor firmly believes 180.Rehab: 15-20k, all done by us.So after putting 20k into the property, that leaves roughly 24k of capital gains tax. 

So you're looking at 12k down, and around 5k in closing costs and prepaid insurance and taxes at closing.

-Settlement Fee: $595-795 depending which title company you hire to close the transaction-Owner's Title Insurance Policy: Roughly 0.2-0.3% of the purchase price-Recording Fees and other Misc: Another couple hundred dollarsFees that will only be present if you are using a mortgage to purchase the property:-Origination Fee: Varies and is typically represented as a percentage of the loan amount-Lender's title insurance: Another roughly 0.2% of the loan amount-Appraisal: $500-650-Misc Junk Fees: Processing, credit report, flood cert, etc etc etc: A few hundred to a thousand dollars depending on the mortgage companyCosts that are not fees but still need to be settled at closing:-Prepaid interest (if there's a mortgage)-First year insurance premium-Impounds to set up tax and insurance escrow accounts (if there's a mortgage that escrows T&I): A few month's worth of each-Prorated taxes, water, sewer-Heating fuel remaining in tanksWelcome to New Hampshire, and happy investing,Troy

In general,Some closing costs get added to your basis and depreciated over the 27.5 years.Some, if they are considered prepaid interest may be immediately deductible.Some closing costs such as prepaid property taxes and insurance will be immediately deductible.Only the building value gets depreciated, not the land value .  

One other thing: some tenants that pay a pet fee and have to pay pet rent believe it's no big deal when their animals cause damage as they have already "prepaid" for the damage.

I’ve bought properties varying 40-80k and closing costs average is 4K assuming conventional mortgage, all the prepaids (insurance, taxes) and title costs