Handle all maintenance in a timely manner (know how much time you have to respond and correct problems)?  

My thinking is this leaves me with two paths: A) Best case is I pick up the foreclosure for $1M, immediately list it for sale at $1.6M or more and hopefully sell for a > $500K pretax profit. 

@Layla Sewell Correct.

And you are not using the correct terms which is understandable but makes it hard for us to respond.

Literally everything one should, or shouldn't be, do, know, act, will all be correctly guided from those 3 words. 

In fact, the USTC has found in favor of the IRS when a taxpayer did not apply the law correctly (what everyone deems the loophole).

At a bare bones minimum, the letter confirms the start/end dates of the lease, monthly rent, paid-through date, absence of any prepaid rent other than the current month, and security deposit amount.Better, it will include statements there are no unresolved claims or disputes or repair issues with the current landlord, and no verbal or written side agreements.Better yet, it will include a copy of the tenant's lease, and a confirmation the lease is a true and correct copy with no amendments.

Books are important to maintain because it keeps track of the performance of the partnership not only for one year but over several years.Partners normally have the right to inspect the books.Will the accountant you work with either maintain the books for you or help you make sure its done correctly?

Correct?

I really want to make sure it is done correct and not half assed.