Tenant shall be charged for all repairs or replacements caused by Tenant, pets, guests or licensees of Tenant, excluding ordinary wear and tear.

Then an unexpected HVAC replacement put me over budget What made you interested in investing in this type of deal?

As a result gain is calculated in chunks.There is also an interest income component every year.In general - you should have the seller consult his/her CPA.

If I have 12 feet of cast iron plumbing, would you replace it or line it?

They usually come in about half that as long as they don't need all the windows and exterior doors replaced, but they can cost that much, so use that in your negotiations, that way even if the seller concedes to cover half, you might still get it all paid for. 

We also addressed some of the major components including replacing the roof and upgrading the external tankless water heater.

I envision Turnkey properties to be rent ready, fully renovated with all CapEx replaced and a tenant actively being placed.

Don't assume a meaning because the offering docs can manipulate the components.

If it leaks, either fix the leaks or replace the faucet with a middle of the road model.

Personally, I think these are high, but I start by thinking about these numbers and then adjust downward according to the condition and thinking about of what things might go wrong, or what things have already been replaced or repaired.