The time I spend with students isn't usually on real estate specific items.

Here are some things to include.Copies of leases and applicationsAccess to Yardi, Onesite, or other PM softwareDocumentation of debts, past due etc.Rental licenses3 years taxesRent roll with lease start, end, amount, and deposit. be sure PA prorates rents and transfers deposits with interest)Service agreements lawn, snow, cleaning, laundry etc.Copies of tenant notices  given within 90 daysOperating statements 3 yearsDisclosures, LBP, etcContracts for improvements in last 3 yearsEmployment contracts/ payroll Insurance policies and claims history 5 yearsinventory of property on site (office furniture, common area items, etc)Repair records for the building 2 yearsCopies of bills such as heat, electric, water, etc to verify (also helps with transfer)Copies of current inspections.Boiler logs Past litigationCertificate of occupancy Tax records (we will pull)warranties sill in effectfloor plansestoppel agreementZoning Historic designationPrepare lease assignmentsPrepare prorated rent and deposit agreement for closingThere are often many more property specific items. 

Landlord insurance will cover all the hazards homeowners insurance covers plus landlord specific items like loss of rental income if there is a fire.

So your best bet is to find another lender if you find specific items that you do not agree with 

If he was to skim by charging more for the rehab, you then ned to be aware of the general costs to do specific items and keep an eye on that.

If there is a specific item or type of expense I can give you better guidance. 

Higher or Tahoe specific items on my P&L are as follows:Booking agency/payment processing/Advertising:  15%Housekeeping (pass thru to guest) 20%TOT (occupancy tax, pass thru to guest) 10%Spa 4%Electricity and Gas (10%)Cable(3%)Water (3%)Snow removal (2%)There are a few other line items like trash, maintenance, etc.  

Hence why just using an overall number can be more accurate than trying to itemize the individual items.Some specific items includeTaxesInsuranceUtilities (common areas, during vacancies)VacanciesProperty management AdvertisingLegal costs (leases, evictions)GroundskeepingMaintenanceMake ready in between tenantsMortgage payments aren't included.

Where it gets a little weird is if you are purchasing with a FHA insured loan, because there are specific items the FHA requires each party to pay for and doesn't allow the other party to pay.  

If you have a 25 year roof with 10 years left and it will cost $15,000 to replace, you need to budget an additional $1,500 per year going forward to cover that specific item.