Here are some things to include.Copies of leases and applicationsAccess to Yardi, Onesite, or other PM softwareDocumentation of debts, past due etc.Rental licenses3 years taxesRent roll with lease start, end, amount, and deposit. be sure PA prorates rents and transfers deposits with interest)Service agreements lawn, snow, cleaning, laundry etc.Copies of tenant notices  given within 90 daysOperating statements 3 yearsDisclosures, LBP, etcContracts for improvements in last 3 yearsEmployment contracts/ payroll Insurance policies and claims history 5 yearsinventory of property on site (office furniture, common area items, etc)Repair records for the building 2 yearsCopies of bills such as heat, electric, water, etc to verify (also helps with transfer)Copies of current inspections.Boiler logs Past litigationCertificate of occupancy Tax records (we will pull)warranties sill in effectfloor plansestoppel agreementZoning Historic designationPrepare lease assignmentsPrepare prorated rent and deposit agreement for closingThere are often many more property specific items. 

I understand experienced investors often take on much bigger rehabs but this project has been a trial by fire for me.We managed to complete most of the exterior work before the snow set in.

Be sure to account for vacancy, repairs/maintenance /capex, insurance taxes and snow removal. 

In addition, snow removal and lawn care is typically under the realm of the landlord as well (you can outsource that to the property management company or outsource it on your own).  

You don't have a crystal ball to see the future but hopefully the association imposes some crazy assessments (e.g. roof, siding, snow, debt etc.).

Taxes, insurance, repairs, snow removal, etc. 

I would encourage you to take a careful look at your operating expenses (which normally eat up around 50% of your rental income) and make sure you aren't leaving anything out:Property TaxesHomeowners InsuranceLiability Insurance (landlords often need a separate umbrella policy)Management FeesUtilitiesLandscaping/Snow Removal (depending on where you are of course)RepairsReserves for CapexVacancyAnd then take a careful look at your debt service payments (if any) and understand exactly what you'll be paying.

Cutting the grass, shoveling the snow, shouldn't be your problem, nor should it be the tenants problem.

A decade from now, the portfolio generates $2,000 a year, or $500 an hour for your 4 hours of annual effort.Let's say you want to bring your children into your real estate business and they are too young to negotiate contracts, but are willing to shovel snow, mow lawns, and walk dogs.

Too, it indicates  level of self-reliance that should keep them from calling you incessantly with every minor issue like a burnt out light bulb.