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Wait for the inspection findings before mentally committing money to dated finishes. Those findings may change which jobs are genuinely immediate and which can be postponed. When you receive them, price the necessary items separately from improvements you merely want. The important question is...

One caution on the requested “net yield”: everyone may be calculating a different number. State whether it is before financing and tax, and whether the large repair reserve is deducted as an annual expense. I would calculate three versions—normal year, turnover year and major-repair year. The...

Insurance is another line that can get treated too casually, especially if the model assumes the wider development covers everything. Establish what the owner must insure separately and what exclusions or excesses remain. I’d make a short list for written confirmation: recurring community...