@Jim Growfer try looking at other broker pro formas in your area for places on market to get more Familiar with accurate expense ratio.

I want to use Cozy for my expense manager but do you ahve any other suggestions?

Use my free editable Net Worth Worksheet that I created to track all my assets, liabilities and expenses and what I still use today to keep my finances in line.Line up your professional partners.

I’m trying to get an idea of a pro forma P&L, and I honestly have no idea what the costs are, outside of the costs of the note itself and legal expenses.

. - Buy using hard cash, - Refinance my other properties to get the cash back + get the rehab fund, - Rehab of $30,000 to increase it's value to around $230,000- Rental units of 50 units with nett cashflow after expense and mortgage of $1200- Repeat: finding another opportunities with the extra money that I got from refinance Conclusion: I got the property with 0 cash invested (though short term cash is needed & using other property for refinancing), get $1200 / month (still in progress).

I mean positive cash flow is what results after paying all expenses plus debt service. 

Operating expenses are closer to 40% including professional management.  

It depends on how you split the revenues.If the house is free and clear, you two should decide if you get to bank all the money after paying expenses (taxes and insurance) or if you have to split it somehow in favor of your rehab work or just 50/50 the whole time.Also, if your friend decides to sell it year 2 or 3, and you still haven't recouped your rehab funds, do you spit the proceeds of the sale?

Have you received from the seller the rent roll and his yearly statements for operating expenses etc.

and nothing but the extra expenses (catching up on the back rent) & "unreasonable" rules (no pot, no smoking, & no extra people) she might chose to leave.