Eric,Without going into too much detail on each line item, at first I use my back of the napkin method with a 40-50% expense ratio.

Once you’ve made the improvements to your property, you should have the receipts to justify the cost of all newly added items.

Items or features in this quadrant that aren't there won't be missed, but if they are there, they will be expected to operate perfectly.

First you need to learn to separate the following:Maintenance: usually things related to wear & tear or tenant damage.Repairs: usually broken items like doors & windows, caused by tenant or nature.Capital Improvements: usually expensive things that wear out: hot water tanks, furnaces, roofs, etc.The seller is correct that Repairs & Capital Improvement items should not be a factor for awhile (ALWAYS get your own inspection to confirm).

Are you going to negotiate inspection items, contingencies etc.

You can do some inexpensive value ad items.

Or can I get the Costco brand items?? 

The LP investors think they must be missing some key item looking at all of the numbers so invest anyways.

Just so those newer to syndicating (like OP noted) are aware that there many flavors of syndicators, and that "who" is running a deal may not be who one thinks it is, depending on how the items are enumerated.

Please note that contrary to common belief a lender can NOT prohibit a transfer, they could only declare such transfer a item that allows them to accelerate the note.Up until now, very few notes have been “called” due when title has transferred.