Sellers view it the same and are trying to find someone naive enough to not account for it.

Even as a broker there are many sleazy Account Executives that try to win my business with terms or extra compensation.

Forgot to mention, most accountant, myself included, have a secure portal to upload documents, many of the documents come in electronically anyway, so it really is very easy

You just need a good real estate oriented accountant.  

Just because there’s not a move-in inspection doesn’t mean you can’t hold the tenant accountable.

No one accountant is an expert in all areas in the tax code, so best to figure out what you want first in the world of real estate and then dive deeper there. 

They don’t have a retirement account. 

Some will accept a HELOC or cash-out refinance as liquidity, while others require liquid cash in a bank account.

We did have a few called and we simply cut a check to retire the mortgage.

Syndication Reporting IssuesMissing Form 8918 for reportable transactionsInconsistent investor disclosuresRequired registrations skippedWhat Doesn't Actually Matter:(Despite What Your Uncle's CPA Says)Special AllocationsNormal promote structuresStandard waterfall provisionsTypical developer promotesReality: Unless extremely aggressive, IRS rarely caresTechnical DocumentationMinor §704(b) gapsCapital account glitchesTechnical allocation languageTruth: Unless hiding something biggerProperty Value AllocationsNormal basis step-upsTypical appreciation splitsStandard promote calculationsReal World Example:🏢 100-unit apartment complex4 partners, $5M dealDeveloper promote structure= Zero IRS interestSame Deal With Red Flags:🏢 100-unit apartment complexHidden partner arrangementsArtificial loss allocationsUnreported debt shifts= IRS AttentionPractical Protection Steps:Basic Documentation✅ Clean operating agreement✅ Economic substance✅ Partner contributions tracked(Don't need War & Peace complexity)Economic Reality✅ Allocations match economics✅ Real money movement✅ Actual partner participationClean Reporting✅ Consistent K-1s✅ Required forms filed✅ Clear communicationThe "Sleep Well" Test:Can you explain your structure to an IRS agent without sweating?