For defaulted loans, my Servicer should be aggressive and understand methods to collect or disposition quickly and efficiently.  

We are talking about bringing items up to current code, when it was just fine for the last owner.

Initial Screening:Develop an Excel spreadsheet that allows you to enter the standard inputs for each cost item for each state. 

@Michael Hacker  ONE other item you need to think about with EVAPS is the high WATER bills.  

I do an itemized tax return and have a regular w2 yearly income also....Thanks for any help!

When we need a new roof, foundation work, or some other big items, we can often negotiate with the vendor/trade to take their money at closing.....So they give you an invoice, you give it to title/escrow agent....when to closing happens....they pay off all the invoices and give you the balance....just like they might pay a mortgage company if you had a mortgage.

Cristobal,First things first... you aren't accounting for several items:1) Property Management2) Vacancy3) RepairsRight now, you are loosing money.

I am unclear on a couple of items I have been discussing with a fellow RE investor.  

It was itemized and the majority of the list was for things that were marked as ok on the checkout list. e.g. blinds ok, then charged $20 for new blinds, exhaust fans o.k., then charged for new exhaust fans, etc.

If it's an older property, though, you really need to know the age and lifespan of the bigger CAPEX items.