A building management system for monitoring equipment status is provided. The building management system includes a processing circuit configured to generate one or more constants for a piece of building equipment based on thresholds and device specific templates. The constants are equation based relationships between a value and a threshold. The processing circuit is further configured to generate one or more sub-rules based on the one or more constants and one or more equipment points. The sub-rules are equation based relationships between the one or more constants and the one or more equipment points. The processing circuit is further configured to generate a rule based on the one or more sub-rules and the one or more equipment points. The rule is an equation based relationship between the one or more sub-rules and the one or more equipment points and indicates whether the piece of building equipment is experiencing a fault.