Note: when i say charge, it means deducting the security deposit.James and Shanti

If your jurisdiction (i.e. state) has a standard contract for residential real estate, you can use it ... at lease as your base and have your lawyer assist with drafting any additional clauses or schedules.  

So here is how I would set this up: Kitchen: Appliances - $6,000 Cabinets - $10,000Countertop - $70-110/sqftSink - $1,500Faucet - $500Cab pulls - $500 (or $6-10/pull) Install - $2,000Flooring: Floor product (unfinished): (expect to pay 4 - 10 dollars per board foot for anything quality) Floor finishing (sanding, coating etc) roughly $3/Sq ft (as long as you are using a standard coating (polyurethane) if you want to go higher end with an oil or stain expect this to jump to 4-5/sq ft Bathrooms:Demo: $/hour x expected hours Underlayment: Schulter Shower System (approx: 500/shower enclosure) Tile/grout/thinset: 6-10 sq/ftInstall: $3-6 sq/ft Lighting and Electric: (pricing includes installation)   Switches: approx $30/switch  (this assumes a mid range Leviton 3-way dimmer) Outlets: $10 (TR Leviton duplex, GFI where needed and duplex/USB combo in Kitchen Island and a few choice locations) Lighting:Surface mount approx $150/fixtureCan: approx. $250/fixture (assuming old work install by electrician)A little more on why I do it this way: Kitchen: You can figure out exactly how much your kitchen is going to cost before you start.

PLEASE NOTE: For purposes of determining the VA guaranty, lenders are instructed to reference only the One-Unit Limit column in the FHFA Table “Fannie Mae and Freddie Mac Maximum Loan Limits for Mortgages Acquired in Calendar year 2015 and Originated after 10/1/2011 or before 7/1/2007”.Here is a link to the VA site where they have the loan limits;http://www.benefits.va.gov/homeloans/purchaseco_lo...For 2015....FHA Basic standard mortgage limits are:Single - $271,050Duplex - $347,000Triplex - $419,425Fourplex - $521,250Fannie Mae/Freddie Mac standard mortgage limits are:Single - $417,000Duplex - $533,850Triplex - $645,300Fourplex - $801,950FHA Basic High Cost area limits are:Single - $625,500Duplex - $800,775Triplex - $967,950Fourplex - $1,202,925Fannie Mae/Freddie Mac High Cost are limits are the same as FHA for 2015:National Housing Act provides mortgage limits for Hawaii up to 150% of the new ceilings for 2015:FHA and Fannie Mae/Freddie Mac both are:Single - $938,520Duplex - $1,201,150Triplex - $1,451,925Fourplex - $1,804,375

Just chalk it up to the standard 'overage' that you hopefully budgeted.

The house is well done with laminate wood flooring, large master suite, standard neutral paint.  

If you planned to use a 3-year term, variable rate mortgage with a 30yr. amortization, you still have to qualify based on the 5-year fixed with 25yr. amortization).Standard downpayment is 20% - there are high ratio, insured mortgages available to Canadian citizens for owner occupied properties which have a 10% or 5% down payment.Mortgage interest on an investment property is a deductible business expense as it is in the U.S.A.  

In my market it is standard for the landlord to pay water/sewer/garbage. 

Otherwise, show the repairs needed to bring the property up in standards with comparable properties, then the costs to do so.

Because this investment was held in a tax advantaged account you don't report and deduct any losses.Please let me know if I can answer any other questions.Jaime