Make a list of all your CapEx items and break it up into monthly costs to replace it based on it's lifespan and current condition.

Here is a breakdown of the items they saw that needs attention.Needs minor trash removal; needs mownSupport post trim needs replaced; badly deteriorated; upper trim needs scraped and paintedBroken panes on side back needs replacedReplace fixture on front porch; flood lights on backNeeds some minor trash removed and minor work done220 wiring needs secured;not up to code, needs to be placed inside conduit.Install new furnace filterClean and paint register ventsInstall apprx. 4 door stopsFull interior rent ready cleaning required after all work completeReplace as needed to match all light bulbsSteam clean all carpet; sweep and mop vinylReplace missing storm door, paint interior doorPaint all wallsPaint door; interior shows signs of previous leak, but doesn’t appear to be a current problem; paint interiorSeal gaps in side window; paint all; seals appear damaged on double pane windows; may not be an issueReplace screensInstall two smoke detectorsInstall two blindsTouch up, as neededPaint all window sealsSeals appear bad; paintInstall screenVery old and drawers fall out; should be replaced with new; secure handles, if keptHas several large chips; functional sink otherwiseInstall two strainers Install fire extinguisherPaint side exit doorEstimated cost is $4,000. 

Is there a form letter people use to send out say here is the itemized damage charges and a bill for the uncovered amount?

If a big ticket item comes up, I’ll contribute from my personal finances.

Yes, absolutely yes, review items such as crime trends, median income, unemployment figures, non-farm payroll figures and growth respective of that, school system health, general GDP growth of the prospective market.

Most businesses get to deduct 20% of whatever is left after all deductions, including depreciation.For the majority of landlords, it will change absolutely nothing, as they show losses after depreciation.Interest and capital gains do not count.For a wholesaler, here is an example.

Follow whatever that says, so in the future when other items are damaged, you have not set a bad precedent. 

Your position on this item will be stronger if your lease has language regarding making unapproved repairs or improvements.2)  I think you fill those holes with mortar and move on. 

If the property is turnkey i.e. fully rehebbed with all major items like roof, plumbimg, electrical and mechanicals etc. updated you may need very little cash reserves at least initially for a few yrs so you mighe be ok.Having said that I would recommed having some cash as reserves or have way to pay for things in case if something comes up with the rental or in your personal life for that matter.

Some of the criteria I use:-Rent is not current-Most items of value have been removed -utilities are off-Neighbors have not seen them or saw them moving outAbsolutely no need to go thru the eviction process if your criteria is met.