Prepaid rent gets reduced each month, but it's not a liability under cash basis.However, in the real world, it's a liability just not under the cash basis method.But again Prepaid Rent Income does not automatically put them into accrual method.I personally prefer to stay in the cash basis method.

The automatic 35% deduction they allow is for materials.

I am 67 years old and retired with seven mortgage free properties.

@Josh Eitingon You've gone a long way and have been able to achieve a lot in the seven years time-frame.

For example, to what speed we could be able to refinance, what are their seasoning before bank or mortgage or lender able to refinance.

They are at least seven years old.

That may speed up the process for you.

Being pre-qualified and personally underwritten (should your lender offer this), speeds up the process tremendously. 

There are 3 facets to contractorsQuality of work, Speed of work, Cost No contractor does all 3.

My lease also says, if landlord can not correct the condition in seven days then the lease is nullified and deposit will be returned.