He makes it easy when I have questions or need something for an audit cause I can literally send an email, go the bathroom, and response is in my inbox or a plan to get me the info by the time I get back to my seat.  

He's open to it, but warned that it almost guarantees an audit and requires added 'precision' on our part -- which could mean IRS headaches if we ACCIDENTALLY/UNKNOWINGLY did something out of bounds or didn't document something correctly, etc.My conclusion is if you're doing 'simple' SFHs, and/or you're not an LLC, or anything 'special' a CPA who specializes in Taxes and REI work would do the job, an EA who's good with REI would likely be better; but, if you want to do anything unique/creative, or outside the box or also wish to then have the business succession planning or have kids and want to have the business continue should anything happen to you...and all that added planning, maybe a tax lawyer would be best, or a Tax Layer who works closely with the CPA/EA...make sense?

People think there is still no way to get caught but all of the entities mentioned above are doing all sorts of checks in follow up audits.

One thing I learned pretty quick is my LLC which just does buy and hold properties does not qualify for a Solo 401K yet, because it does not produce self employment income, paying myself as a property manager I was told would not pass an IRA audit, so Im looking into a SD Check IRA or sometimes called a SD IRA LLC, which gives me some of the benefits of a Solo 401K without the qualification requirements.Good luck

They've sent out 330 notices to hosts not in compliance and they currently have 3 hosts under "primary residence audit." 

I'm new to record keeping that is audit-ready and therefore I don't have a complete list of records to keep.

(Partnership returns are the least-audited returns, so I always make each LLC a partnership...99% owned by me, 1% owned by my management corporation.)  

We go through lease file audits, unit inspection.

You then might be able to present other options to the owner of the property the servicer could not because of constraints with the loan servicing agreement.Before considering buying a loan you would need an audit on the note making sure you have 100% true chain of proper transfer where the borrower could not try to claim somewhere along the line the mortgage was invalidated or not properly transferred etc.Dave Van Horn on here has bought a lot of mortgage notes so might contact him if interested in that type of thing.

I love picking up the audit rep work.You definitely need someone qualified, does not have to be a CPA, could be an Enrolled Agent or an attorney.