Annual Rental Property Budget Interview
Build a realistic operating budget through guided questions.
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Interview me to build an annual operating budget for my rental property. Ask one question at a time and wait for my answer. Cover, in this order: property basics (type, units, year built, location), mortgage and taxes, insurance, utilities I pay, maintenance history and big-ticket items nearing the end of life (roof, boiler, appliances), management fees, vacancy history, marketing costs, legal and accounting, and the reserve I want to hold. My starting facts: [PROPERTY_FACTS]. After the interview, produce a budget table with columns Category, Monthly, Annual, Basis for estimate (actual, quote, rule of thumb), and Confidence (high, medium, low). Add a replacement reserve schedule showing when each major component may need replacing, and a cash flow summary with scenarios for vacancy of 0, 5, and 10 percent. Highlight the three assumptions that would hurt most if wrong, and tell me what documents to collect (invoices, tax bills, quotes) to improve the estimate. Do not give tax advice; list questions for my accountant. This is general information to organize your work, not legal, tax, mortgage or investment advice. Have a licensed real estate professional or lawyer who knows [JURISDICTION] verify the output before you rely on it. Treat all figures as estimates and take tax questions to a qualified accountant.
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