(not much cap apprec here).The S-corp audit was for the 2007-2008 returns but then the LLC got nailed for 2009 & 2010.

Paul Zofsak - David hit the nail on the head.

Nailing this down isn't always easy.Here's an overview of my first deal:1) I came across a 0.50 acre lot in Central MI.

Hopefully you hold title in a tightly maintained LLC, that's preferably NOT a 'sole member' LLC.However, it does need to be addressed immediately, a local investor friend of mine just got nailed $2000 for failure to clean it up on time & his units are empty, & he can't rent the units or sell them until its done.It appears that his local Bldg Inspector was roaming the 'hood for violations & had several local landlords in housing court.Lead Paint ramifications are a serious issue that is haunting our local landlords, esp the uninformed.good luck & keep us updated...

Tom hit the nail on the head.

I'll try to nail down more specifics in the coming days.

Those types should be nailed, IMO.

Natalie Kasak you hit the nail on the head..

@David Jackson - you nailed it and that is exactly the scenario I'm trying to avoid.

Wouldn't society be better off if folks had to go to the church and look a community in the eye to get help--and be required to give help in return (i.e. show up on saturdays to help hammer nails in the house being given to a needy soldier)?