I look at it as an expense item as part of my RE holdings along with taxes and other related expenditures (which I leave to my accountant to allocate).  

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.

Also, if you are self managing this is money that should be coming to you each month just like any other expense.Repair reserve - repairs may be on the operating expenses as a line item but how much are you going to need to set aside each month/year for large repairs like the parking lot or roof.Once you know the unit rents you should check with other similar properties in the area to see what their rents are.  

@Todd Ashley I can comment on some of these items.  

To make a long story short and spare you any more details, I received a notice today from my insurance provider that they are going to cancel coverage on this property in the next two weeks based on these items listed above for needed repairs.In closing, I want to thank all of you in advance for any help, thoughts or advice that you can relay.Regards,Tony

Before you've owned it long enough to appear on tax returns, an investor friendly lender will just do [ rent * 75% - PITI ].Once it appears on tax returns, if you need/want to exclude the one-time rehab expenses, put it on line 19 of schedule e with the comment "see statement X," and then statement X in extreme detail lists all the repair and rehab work you did, and furthermore you can provide me with every single receipt/invoice, exactly matching the line 19 number, exactly down to the penny (so, it's best just to make each invoice/receipt be a line-item on statement X... if Contractor John gives you 5 invoices throughout the project, show me 5 line-items).Only one-time repairs/rehab can be discounted from the mortgage DTI math.

Other than shopping rates, do you suggest any other items I should shop for or price our at each bank - things that may not be fixed such as closing costs?

If there were delays in your original closing an underwriter may have forgotten to update the dates, they may have plugged in dates from another file they were working on or they may have just had a bad day.If items other than the adjustment date that you mentioned have also been re-worded, changed, left out completely, or new items have been added you should be wary and consult with an attorney.In any case it is something you should run past a trusted adviser.Hope this helps.

If you find any infractions after performing item 3, such as obvious evidence (smell or other) of smoking of any kind, start the eviction process according to your own lease terms, with careful attention to landlord/tenant law in your state.5.