An attractive pro forma becomes useful only when its assumptions can be checked. Keep a register that links each consequential claim to its source, date, reviewer and unresolved decision.
Published October 1, 2026 ยท BNB Accelerator editorial team
One row for each claim that could change the decision
Do not store an unlabeled pile of documents and assume that diligence is complete. Separate the claim from the source: seller annual revenue is a claim; a booking report is one piece of evidence. Record what the report covers, who reconciled it and what remains excluded.
Use three statuses: verified for the stated purpose, provisional, and unresolved. Verified means the named reviewer completed a specific check; it does not guarantee future performance. Preserve the original source and record the date reviewed.
Use this register structure
| Claim or assumption | Source to request | Check | Decision if unresolved |
|---|---|---|---|
| Historical booking revenue | Booking export, payout records and owner statements for the same period | Reconcile cancellations, fees and dates | Do not treat seller headline as verified income |
| Projected nightly rate | Dated comparable set with capacity and amenity notes | Explain adjustments and seasonality | Run a lower-rate case |
| Management cost | Written proposal and sample owner statement | Check fee base, minimums and add-on charges | Model the complete fee stack |
| Setup budget | Itemized bids and furnishing inventory | Separate included items from new purchases | Reserve for unquoted work |
| Permitted rental use | Address-specific authority and adviser findings | Check restrictions and transfer requirements | Resolve before relying on rental income |
| Insurance cost | Property-specific insurer quote | Confirm intended use and exclusions with insurer | Rework cash flow if unavailable |
| Launch timing | Vendor schedule and manager checklist | Identify dependencies and approval dates | Model delayed first bookings |
Add a source link or filename, covered period, checked date, reviewer, status and next action to each row. Do not publish private seller or client documents; keep the register in your own deal file.
Reconcile a claim instead of accepting a screenshot
Illustrative reconciliation: seller reports $120,000 bookings; the same-period export contains $8,000 cancellations and $12,000 cleaning charges. Booking revenue after cancellations is $112,000, of which $100,000 is accommodation revenue. If cleaning is modeled separately, using $120,000 as accommodation revenue overstates that category by $20,000.
All figures are invented. Real exports may use different definitions, include taxes or refunds, and record bookings and payouts in different periods. Document the mapping before applying this calculation. The purpose is to make definitions explicit, not assume every platform reports identically.
Separate evidence quality from investment approval
A complete historical record can support an unattractive deal; an attractive forecast can rest on weak evidence. Keep these questions separate. Ask whether the record verifies the claim, then whether the purchase still meets your cash, risk and operating criteria.
For a forecast, write the assumption and sensitivity. If annual accommodation revenue falls from an illustrative $100,000 to $80,000 and variable costs equal 20% of that revenue, cash contribution falls by $16,000 before changes in fixed costs. Use your actual fee bases and expense structure, not this simplified percentage.
Close out the register at each milestone
Before an offer, identify assumptions that need verification. Before the relevant contractual deadlines, have your retained advisers explain unresolved risks and options. Before launch, replace estimates with final invoices, access checks and approved operating agreements where available.
Preserve an unresolved item with a decision, owner and follow-up date. Do not change provisional to verified simply because the transaction closed. Use the property evaluation guide, underwriting library and responsibility matrix to connect evidence to the purchase workflow.