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.

Figure that out and you'll have a roof over your head that pays for itself while you accelerate savings and repeat in 1-2 years.

you're not missing anything; i have the same worry about gator lending. however, sometimes people are looking for way larger amounts of transactional lending, for bigger deals. in those cases, it's more justified for them to need the $ IMO. but also, more is on the line, so you still have to really do your due diligence. if you're really interested in being a gator, take pace's program. i haven't, but if i was going to seriously get into it, i would. 

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. 

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.

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?

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. 

Structural- roof, newer building no EPA?