The summation of these items can be deducted from your stabilized value estimate to give you an idea of what the "as is" value is with some vacancy. 

I got my list of items that the property manager recommends repairing today.

Items missed: ADU cannot be STR in most jurisdictions, no vacancy, no cap expense, no management fee (include it even if self managed because it is work), 3% maintenance ($420) may be a little light for 3 units in San Fran labor rates, my pro forma is currently showing 0% appreciation in the short term due to recent rate increase.  

This way, you can rent and see what kinda pricing / rents you get during summer and then go about revamping the remaining items / flooring etc and other rooms in fall - slow season.All the best!

I very politely questioned a few items on it, which made him upset.

I would group it in one and just itemize the expenses in QB and continue with your operating, savings, escrow accounts for LM and SD deposits. 

These "come with the package" and are part of the deal;  I do not get directly compensated for that time investment.However, when you are repairing something that a tenant broke due to abuse, or cleaning their vacant unit because they did not clean it as stipulated in our signed contract,  That does not make any sense.From a tax standpoint, that revenue I receive by doing it myself (and charging the tenant for my time) is taxable revenue, so I don't see where it is "double dipping" (which is what I think the courts sometimes claim).I have so fat avoided this issue by having the tenants sign a "move out charge sheet" that itemizes estimates on damages/repairs made (I apologize for the formatting issues). 

Can I itemize/label/categorize this money so the IRS knows this is for a rainy day?  

So as GC you are capturing the margin of the middleman. 

Based on some estimates I got, it could run $40000-$60000 just on these 2 items, without any of the build out costs.