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 → Documents.
- Drag the file in.
- If auto-detection misses, click the type pill and pick OM / P&L / T-12 explicitly.
After upload
After indexing (typically 30–90 seconds; longer for big PDFs):
- The document appears in the Documents section with type, page count, and an "Indexed" pill.
- Re-run AI Summary to pick up the new context.
- Re-generate the pro-forma if expense data is now available — but check if you want to consume a credit for that.
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 in-place rents (rent roll says $4.2M GPR; P&L says $4.0M collected), Relm shows both in the Financial section with annotations:
- GPR (from rent roll): $4.2M
- Collected income (from P&L): $4.0M
- Implied vacancy + concessions: $0.2M
The implied vacancy from the upload pair is informational — Relm's pro-forma uses an explicit vacancy assumption for forecasting.