Assets identified in this study include:Building Systems: plumbing, HVAC and electrical distributionInterior Construction: flooring, drywall partitions and ceilingsStructural Components: doors, roofing, windows and wallsPermanent Fixtures: emergency lighting, restroom fixtures and signageThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

They do everything from framing, trim, painting, roofing, siding, flooring, cabinets, etc. and they can tell you when the plumber or electrician didn't show or did something wrong.

At one time they were trying to figure out how  to finance a $10,000,000 roofing and siding project but got bogged down with attorneys and all the mess that goes along with a project that size.

We've owned them for 20-plus years but the recent property tax increases have negatively impacted our cash flow as have major repairs such as roof replacements, AC units, etc.

Before listing it, I had lots of expenses, including painting, floor refinishing, plumbing repairs, staging, cleaning, etc.In a 1031 exchange, I purchased two small multifamily homes which also have some roof work, painting, plumbing, etc. 

Structural- roof, newer building no EPA?

Get a list of recent inspections and permits to make sure the new roof and such were done right.Check with police if any reports for the property.What's included in the seller's expenses?

Quote from @Mary Jay: Quote from @Owen Rosen: Quote from @Mary Jay: Hi guys, so I had a neighbors tree fall on the roof of my rental.

And, no apology is necessary, I understand there are many in the same boat as you.I totally agree with Dion, new note investors should not be thinking they will walk into a bank and buy NPNs at a steep discount, or even getting them to sell one note. 

things missing in your list (everyone manages differently, so take it with a grain of salt)Vacancy rateTurn overbad debt legal fees (evictions as needed)accounting fees for professional tax prepmaintenanceProperty TaxesSales Tax on PM fees (In NM, this is charged, not sure about where you are)Reserves for replacement CAPEX - furnace, water heaters, ac, roof, parking lot, etc.Admin, software, advertising, etc.Cost segregation study for accelerated depreciation captureAs for your loan.