As a quasi government agency they can ask for verifications that you will never know about and at closing the borrower signs docs authorizing disclosures, lots of ways to check;Mailing address at post office, utility company, motor vehicle registration, insurance docs, bank account even your employer can report, credit cards, other debtors and more...And it's not just fannie and freddie, but any financial regulator can pull a compliance audit, state banking authorities, FDIC, CFPB, Comptroller of Currency....etc.What constitutes a residence?

While it's great to watch margins and not to overspend where unnecessary, you will find it much more difficult to survive an audit if you commingle all your personal funds with your rental property expenses.

reg=cny&app=descriptorVery Favorable> Accountants: $54,880 (Annual openings:80)> Automotive Service Technicians and Mechanics: $29,970 (AO:70)> Bartenders: $14,840 (AO:110)> Bookkeeping, Accounting, and Auditing Clerks: $30,460 (AO:110)> Bus Drivers, School: $29,660 - (AO:70)> Carpenters: $37,480 - (AO:80)> Cashiers: $15,230 - (AO:500)> Child Care Workers: $17,310 (AO:140)> Serving Workers, Including Fast Food: $14,710 (AO:240)> Construction Managers: $93,730 (AO:30)> Cooks, Fast Food: $14,590 (AO:60)> Cooks, Restaurant: $21,590 (AO:50)> Food Concession, and Coffee Shop: $14,580 (AO:120)> Customer Service Representatives: $29,170 (AO:120)> Dishwashers: $14,560 (AO:60)> Electricians: $53,100 (AO:50)> Elementary School Teachers, Except Special Education: $48,400 (AO:130)> Executive Secretaries and Administrative Assistants: $35,410 (AO:130)> First-Line Supervisors/Managers of Food Preparation and Serving Workers: $22,450 (AO:90)> First-Line Supervisors/Managers of Office and Administrative Support Workers: $42,560 (AO:90)> Food Preparation Workers: $15,550 (AO:180)> General and Operations Managers: $89,750 (AO:70)> Home Health Aides: $21,750 (AO:100)> Janitors and Cleaners, Except Maids and Housekeeping Cleaners: $20,930 (AO:250)> Laborers and Freight, Stock, and Material Movers: $22,120 (AO:150)> Lawyers: $82,740 (AO:50)> Licensed Practical and Licensed Vocational Nurses: $32,050 (AO:60)> Maintenance and Repair Workers, General: $31,990 (AO:100)> Nursing Aides, Orderlies, and Attendants: $22,090 (AO:80)> Office Clerks, General: $22,950 (AO:170)> Receptionists and Information Clerks: $22,780 (AO:130)> Registered Nurses: $49,510 (AO:250)> Retail Salespersons: $18,010 (AO:510)> Sales Representatives: $50,830 (AO:170)> Secondary School Teachers: $51,940 (AO:130)> Secretaries: $26,530 (AO:120)> Security Guards: $20,960 (AO:110)> Stock Clerks and Order Fillers: $19,490 (AO:150)> Teacher Assistants: $19,780 (AO:250)> Truck Drivers, Light or Delivery Services: $25,630 (AO:70)Least Favorable> Architectural and Civil Drafters: $39,380 (AO:under 10)> Chemical Technicians: $28,450 (AO:10)> Coating, Painting, and Spraying Machine Setters, Operators, and Tenders: $27,630 (AO:10)> Computer Operators: $31,320 (AO:10)> Court, Municipal, and License Clerks: $34,350 (AO:10)> Crossing Guards: $17,050 (AO:10)> Dispatchers, Except Police, Fire, and Ambulance: $29,990 (AO:10)> Electronics Engineers, Except Computer: $73,650 (AO:10)> Engineers, All Other: $66,780 (AO:under 10)> Forging Machine Setters: $34,240 (AO:under 10)> Human Resources Managers, All Other: $76,460 (AO:under 10)> Insurance Underwriters: $52,720 (AO:10)> Judges, Magistrate Judges, and Magistrates: $114,850 (AO:under 10)> Maintenance Workers, Machinery: $40,540 (AO:10)> Occupational Health and Safety Specialists: $55,440 (AO:under 10)> Telemarketers: $17,800 (AO:10)> Travel Agents: $32,430 (AO:under 10)Crime (Division of Criminal Justice Services)http://www.criminaljustice.state.ny.us/crimnet/ojsa/indexcrimes/county_totals.htm===================================================================================Onondago county 2000 vs 2005Index Crime: down 15%Violent Crime: down 2%Murder: down 10%Rape: up 35%Robbery: up 20%Agg Assualt: down 13%Property Crime: down 17%Burglary: down 7%Larceny: down 23%MV theft: up 9%Tax Rates====================================http://www.ongov.net/Realproptax/taxrates.htmlCounty Purposes: $13.705600City Purposes: $7.189600School Purposes: $16.928500County Water Purposes: $0.077600Total City Rate: $37.901300Destiny USA=========================================http://en.wikipedia.org/wiki/DestiNY_USAPlans, which currently include over 4.5 million square feet (400,000 m²), consist of 13,000 hotel rooms, an indoor aquarium, an indoor recreation of the Erie Canal, a stadium and performing arts center, three golf courses, a 100 acre (400,000 m²) glass-enclosed indoor park, and a 20 acre (80,000 m²) artificial lake.

Audit your own reasons for why you purchased the property, your goals, etc. all markets are different and should be treated as such, along with all other personal factors.

If for any reason the IRS decides to audit you, that money that just showed up in your account will be considered taxable income until you can proof otherwise.

This makes it easier for me to see how much money the property is making each month and leaves a good audit trail come tax time.

SamberDuring a recent internal audit of loans associated with Oregon properties, the Land Contract for the property referenced above was identified as a potential compliance risk.

For Schedule C + W2 = the final number looks great, but it will have high chance of audit.

Not saying that will happen, but its easier to be right on the front end.Also, if you're flipping frequently, I highly recommend discussing the rules of a 1031 exchange and this can be a great tool to deferring taxes on gains associated to real estate.While I do go on record that I am a CPA, I do not specialize in real estate tax transactions as my background is audit (not tax), it's important you speak with a real estate tax accountant to ensure your best interest are met.I hope this was helpful, there are plenty more GL accounts to include and PM me if you have more questions.

Not only that, but lending to the poor also became a qualification for take overs and mergers, if you had not lent enough to the poor, then a take over would be blocked.So in one stroke, ability to repay took second place to other things.Mortgages were then made, packaged up into so called bonds and sold to investors (not re investors, but people like pensions companies etc).In 2006 a lot of these packaged mortgages were found to have deficiencies, eg people not repaying, and the investors holding these investments started disposing of them.Banks were asking accountancy firms in the City of London and Wall Street to start unpacking each one of these instruments to redo e paperwork and pull out the bad loans and then repackage them.The Banks were offering in London £50,000 to redo one of these bonds (for a better word) and offer insurance on the bond after it was repackaged, the auditing and accountancy firms asked for £250,000 per bond and no insurance.