I usually go to the county auditor's website for my area to find the history, sales prices and ect on the property I'm looking at with accuracy and success, but the one thing I can't get a very accurate idea is rental comps.I know the general rental rates are in my area, but how do I best determine them if I don't know what someone down the street is paying, or someone a few blocks over?

(I avoid single member LLC ownership as I feel they are more vulnerable if they are simply an extension of yourself).However, if I didn't have the mortgage note fully documented & duly recorded etc the IRS auditor was reluctant to allow the expense.The later is also good practice if you are using the mortgage to strip the equity to protect the asset.

When I pointed out that his property tax number was almost half of what it should be at that price, he said something about using an LLC to disguise the sale transaction from the auditor.

Co-mingling funds is an IRS auditors playground.I can't speak to the mental shift having the LLC provides you and your wife.

My day job is as an IT auditor for banks and I don't honestly believe that a bank would be involved with any investment that has that level or returns... simply put... its just to risky, and banks are some of the most risk adverse businesses out there...In addition if you google this term it does not return any usable results, which does not necessarily mean anything but I would expect if this were something that was legitimate than someone would have posted something at some point about it....Be weary... very weary...

July 1, 2008Local sheriff sale websites post sale prices.Local newspapers post area sales in central Ohio.Some auditor websites have comparable sales data.Check with local real estate investing clubs.Perhaps local investors will share their information on recent deals.Ohio has alot of reo opportunities.

I did a check on the property and it is still in HUD's name on the county auditors site.

My truck, the county auditor web site for past sales, MLS for current listings and common sense.

As with bank examinations, an audit or exam date is established and everything is brought current to that date.I think what the original post concerns is the success in audits finding issues of non-comlpliance for the popular purpose of having loans written off or foreclosures terminated.

Got back to the office and run the address through the county auditor site.