Rental Property Takeover
Documentation Checklist

1. Unit Information

• Current Rent Roll with complete tenant information including unit, deposits, and balances.
• Address for each unit
• Unit Status Report

2. Accounting Information

• Detailed Accounts Receivable Report to include notes on collection status
• Detailed Accounts Payable Report
• Year-to-date General Ledger
• Prior year General Ledger
• Prior year Trial Balances
• Current Year Chart of Accounts
• Bank information including account, contact info
• Previous audited financial statements with copy of auditors final trial balance and adjustments
• Prior year tax return
• Prior year tax trial balance
• Copy of current bank reconciliations
• Detail of refundable deposits
• Copy of prepaid insurance reconciliation with copies of invoices
• Detail of accrued expenses including accrued and deferred interest
• Detail of insurance/tax and other escrows
• Detail of Replacement Reserve including copy of last reimbursement request

3. Financial Reports

• Current annual budget (last year and as many prior as possible)
• Current Balance Sheet
• List of Personal Property
• I/E Statements for 12 months
• Previous two years 12 month I/E Statements

4. Vendor Information

• Copies of all contracts
• Copies of vendor tax information
• Copies of all permits, licenses
• Copies of vendors' insurance certificates

5. Utilities (name, account number, deposits, tax id)

• Electric
• Telephone
• Water/Sewer
• Garbage
• Exact nature of owner's responsibility

6. Insurance

• Applicable insurance policies and certificates naming as additional insured
• Outstanding claims whether by tenant, vendor, personal or property

7. Debt Service

• Name and address of Lender(s)
• Copy of Promissory Note(s)
• Current Mortgage Statement
• Trustee Statements, current and prior
• Loan Agreement
• Trust Indenture (if applicable)
• Partnership agreements

8. Payroll

• List of all employees (include start date, position, full or part time status)

9. Compliance Documents (if applicable)

• Extended Use Agreement
• Land Use Restriction Agreement (LURA)
• Previous compliance reports and audits (county, city, state for two years)