One thing I have heard from investors and by reading through articles and such is that people do not like how most wholesaler's numbers are not accurate.

It won't let him take advantage of depreciation and deductions, but I'm really not sure how I can accurately estimate those things each month.

An accurate description of the property.

In addition to the practical aspects of following a properties profitability, if a property sells, all expenses are tied to the saleable unit and the basis is quickly and accurately available.

With all of that said, I would talk to your attorney to make sure that this is accurate in your situation.Hope this helps and good luck. 

Is this accurate? 

@Justin R.Can’t say I’ve had to deal with it personally but gifting or selling a part of a property comes with several implications: how to take title, right of lender to call the loan, right to partition, gift tax, property tax reassessment, capital gains, etc.Also, I’m not sure how accurate that link you attached is with regard to the current law but your 2 bullet summary above seems to leave out some other options.

Then a more accurate amount can be used for the reserves requirement. 

Thing is I won't be able to see the property for at least another 2 weeks to get an accurate list of damages. 

Given that you are in California, it comes as no surprise to me that you don't know this.FYI that is not accurate.