I didn't see a single item listed that would NEED to be done in a rental.

Lastly, as you alluded to a reserve account should be set up for longer term items such as roof and furnace.

Even though taxes are one of the easiest DD items to find out(online search with the county Assessor)there are many other inconsistencies that can pop up during the DD period.

That's because you're comparing them against everything else.So, I'll typically do all of the following in a typical renovation:- Paint the entire interior- Replace all the flooring- Replace the cabinets- Replace the countertops- Replace the applicances- Replace all lighting fixtures- Replace all plumbing fixtures- Refinish hardwoods- Replace all doorknobs, outlets, switches and cover platesOn top of that, I'll do any mechanical repairs necessary, any exterior repairs necessary and replace anything else that might detract from the aesthetics.

As for myself, with no investor network to pass along a deal, I looked every day for about two months before I found a property that fit my taste aesthetically, AND where the cashflow worked as well.

Most of that additional 4-pages contains items that a) our insurer insists we make clear to the tenant or b) the Rentalsman has decided are behaviours that, while most would consider common sense, we should not expect to occur to the tenant without explicit instruction {like, don't turn the heat off in the middle of winter when you go home for Xmas vacation}.

I have a short sale offer where the listing broker is insisting on the me the buyer to sign an addendum before he would present my offer to the buyer.Usually I have seen seller's attorney dictating some verbage on a counter.In some cases I have seen the listing broker add in an clause, typically when a short sale negotiation fee is required.But this broker is asking for a whole new page to be added into the contract containing many items.

Just wasn't sure if I should include my monthly management as part of the equation or as a separate line item.

This is a bigger ticket item and therefore I believe it has to be depreciated out over the life expectancy of the AC..Hopefully @Steven Hamilton II will chime in and clarify.

As @Steven Hamilton II says the land is never depreciated.There are some components of the land that could be depreciated, but are typically not itemized as such.For example:Trees & shrubs have a certain life span and destroyed over timeSidewalksDrivewaysUnderground pipesSeptic systemsParking lotOutside light standards