Beyond the rent roll, the next-most-valuable uploads are the offering memorandum (OM), the property's profit-and-loss statement (P&L), and a trailing-12 (T-12). Each contributes to a different part of the underwrite.
Offering memorandum (OM)
The OM is broker-marketing material — useful for context, less authoritative for hard numbers.
Formats: PDF (most common), DOCX.
What Relm uses it for:
- AI Summary narrative — broker framing, value-add story.
- Sanity-check on basic facts — year built, unit count, asset class.
- Capital plan context — broker-claimed capex needs vs Relm's vintage-based reserve.
What Relm doesn't blind-trust the OM for:
- Pro-forma financials (the broker's pro-forma is usually optimistic; we model independently).
- Comp selection (we pull our own).
- Future rent assumptions (broker's "post-renovation" claims should be reviewed against listing data).
Profit-and-Loss statement (P&L)
A P&L from the seller is the most useful operating data you can have for the deal.
Formats: Excel (best), PDF.
What Relm uses it for:
- Operating expense baselines for Year 1 — taxes, insurance, utilities, R&M, payroll.
- Other income — RUBS, parking, laundry, late fees.
- Sanity-check on rent-roll GPR.
If the P&L is a single year, Relm uses it as Year-1; if it's multi-year, the trend is reflected in the AI Summary.
Trailing-12 (T-12)
A T-12 (twelve months of operating performance) is the gold standard. Strong T-12 data tightens the pro-forma's expense ratios.
Formats: Excel (best), PDF, sometimes CSV.
What Relm uses it for:
- Same as P&L, but with month-over-month visibility (catches seasonality, one-time spikes).
- Trended expense growth — informs the expense-growth assumption.
- Vacancy trajectory within the year.
Upload mechanics
Same as any other document:
- Open the property and click Upload Docs.
- Drag the file in (or click Browse Files).
- Check the document type Relm detects. If it's wrong, change it in the type picker — P&Ls and T-12s go under Financials. There's no separate OM type; Other is fine for an OM.
- Click Finish and Start Analysis.
After upload
After indexing (typically 30–90 seconds; longer for big PDFs):
- The document appears on the Documents page with its type and an Indexed badge.
- Rerun the AI Summary section (click Rerun on its page) to pick up the new context.
- Re-generate the pro-forma if expense data is now available — re-generation uses credits, charged when the run completes.
The chat panel can immediately query the new document by content ("what does the OM say about parking ratio?", "what was payroll in March in the T-12?").
When uploads disagree
If the rent roll and the P&L give different figures (rent roll says $4.2M GPR; P&L says $4.0M collected), the pro-forma's gross potential income follows the rent roll — the rent roll wins. The roughly $0.2M gap is implied vacancy and concessions: a useful check, but informational — Relm's pro-forma uses an explicit vacancy assumption for forecasting.
To see which documents a pro-forma figure came from, open that line on the Financial Pro-Forma page and check its Sources & Citations.