Have the departing tenant fix any items that you and the other tenants believe were the departing tenant's responsibility. 

As far as your concerns, there should be a separate bank account for the LLC and for any withdrawal not a specific budget line item (if you're renovating), or not a recurring monthly expense (if you hold and lease out), or  maybe over a certain dollar threshold, checks and withdrawals require both of your signatures.

Try to think of a splurge item that isn't too extravagant seeming.

I am sure that you are like most people in the world and that shelter is one of the most if not the most substantial item in your budget (And I certainly hope you actually have a budget, if not make that step 0 because you can't save, let alone invest, money if you don't know where it's going in the first place).

So I circled the items on the disclosure that were inaccurate and presented this to the sellers agent.

I'll take photos of the overall condition of the house, and then specific photos of any items the tenants want annotated.

Tear down lots for custom single/double builds here are the new hot item right now!

Good advice here.Depends on a number of factors, including solvency of the HOA, how much it charges, what it covers, and to put it delicately, whether the people in charge are jerks.  

Marijuana has been legalized in a few states and from the looks of it, it appears that 2018 will be a big year for marijuana as it is being considered as ballot items in multiple states.

@Mukul Patel you seem to be missing 2 important line items:1) Repairs & maintenance - Unless your contracts say the tenant is responsible for all repairs & maint or it's part of the condo fees then this needs to be in your underwriting.2) capex/reserves - once in a blue moon you have a capital expense item.