It might help you avoid penalties if the IRS goes after you later.You can claim the labor expenses even without 1099s, but you will technically be in non-compliance.

If you were not in compliance with the sprinklers AND notified, the insurance co could deny your or anyone else's claim.

Effective  12/1/2024 @ 12:01a the Louisville rental registry requires the 16 page Lead Hazard Evaluation form in addition to the Affidavit of Compliance.

It sounds like you are not in compliance with those laws if you don't live nearby.

Consulting with a tax professional is advised to ensure compliance and proper handling of deadlines.This post does not create a CPA-Client relationship.

If it will be owner-occupied, there are a number of compliance issues to ensure you address (Dodd-Frank, etc). 

By utilizing one provider for both services, both can be aligned, customized to your portfolio’s needs which should achieve a better outcome overall.Real estate investing can be very complex and navigating taxes, compliance and insurance can be overwhelming and complex, deterring some people from expanding their portfolio or from investing at all.

I'm a licenced Broker and I also handle project management for flippers, contractors, etc.FEMA 50% Rule: ALL of the homes that exist in a Flood Zone have a 50% limit on work that can be done to repair them without bringing them into compliance with current flood standards.

Review your loan agreement for restrictions, and consult legal and tax professionals to ensure compliance and protect your interests.In C State, you can elect to file MMLLC as disregarded entity for tax reasons.

@George JanIn my opinion, there isn't as much regulatory compliance or liability with something like a municipal bond.