You need to:
✔ Compare P&Ls to tax returns
✔ Validate add-backs
✔ Understand labor costs
✔ Identify seasonal trends
✔ Cross-check occupancy in reservation system
✔ Compare utilities month-by-month
✔ Look at rate history
✔ Look at deposits & cash flow timing
✔ Identify one-time expenses vs recurring
This protects you (and your lender).
