You also have no reserve for big ticket items like roof and ac and etc.

.)- Purchase price- As-is value (this can often be greater than the purchase price if you're getting a good deal on the property)- Rehab/renovation budget along with the line-item scope of work- After-repair value2.

We do weekly draws with a list of items to be completed each week.

It wouldn't be an inspection item or the contract would have been terminated already.

John means that your other expenses across that board that you put 3% for... repairs, CapEx (big stuff like replacing roofs and large ticket items), vacancies and PM.

https://www.jmre.com/grec/SupportCanList.pdfhttps://www.jmre.com/grec/SupportCannotList.pdf (pay close attention to items 9 and 12)Hopefully these answer your questions!

Then I can add up items to make it easy on my CPA to do my taxes.

You may be the only one in your company but you need to subcontract out items such as maintenance, evictions, bookkeeping, leasing, etc. you may be able to handle the bookkeeping and the leasing right away but after you get enough units you want to hand that off to other people.  

Here are some of the missing items...

The inspection period is a negotiable item.