Quote from @William Fuller: When deciding to potentially acquire a piece of land that a wholesaler has under contract, what information do you need about the land or parcel?

So my thoughts to what is or isn't a huge trigger for the IRS for audits is based on direct input from the industry.

Does anyone have personal experience with specific scrutiny of a logbook during an audit?

CPAs (Certified Public Accountants)Role:CPAs are accountants who have gone through rigorous licensing exams and meet state requirements.Responsibilities:•Everything accountants do, plus:•Preparing audited and reviewed financial statements•Conducting forensic accounting and fraud investigations•Representing clients before the IRS in audits and disputes•Developing advanced tax strategies•Advising businesses on mergers, acquisitions, and financial structuringCredentials:To become a CPA, one must:•Pass the Uniform CPA Exam in Auditing and Attestation, Financial Accounting and Reporting, Taxation and Regulation, and a specialized area, such as Tax Compliance and Planning or Information Systems and Controls.

My accountant wants me to start doing this in the event of an audit being I’m starting larger projects and will be implementing cost segregation Thanks

A piece of cake with TurboTax.  

Are you saying that the IRS-1065 Is going to be pulled into an audit, or will just the disgruntled partners IRS-1040 be pulled in for the audit?

DIY online cost segs that are <$1k are being tossed out in audit like yesterday's garbage lately. 

First question I always ask is who audits your financials and who does your books and send me what your reporting looks like.

Quote from @Gregory Wilson: A few things there, Brendan.First, an LLC with you as a member and your (wife, son, pal, etc.) partner as a 1% member will file a Form 1065 which is about one tenth as likely to be audited by the IRS as a Form 1040 with a Schedule E rental activity (which I presume you will attempt to show is an active business).Second, you want an LLC because when your local Alabama handyman drives his girlfriend's uninsured truck into a van load of U of A medical school interns on I-22 when he goes  to get some shingles for your roof, on your business, you don't lose everything you have or ever will have to an uninsured claim.