Calculating NOI question

[Brian Orr]

Hey all, I'm curious to know how this gets represented, maybe you can help? Here's the example of a small 10 unit syndicated deal, which is currently self-managed...

Current OpEx water, sanitation, maintenance, taxes, insurance, landscaping, exterminator, but I'd also have these:

Property Manager 8%

Asset Manager 2%

Preferred Return 5%

CapEx Reserves 5%

Because these are specific to what my operation would be, and may or may not be expenses incurred by a future owner, how are these looked at by the bank when considering a refi, or by a future buyer? Is this 20% considered in operating expenses therefore above NOI, even though it's somewhat discretionary?