A system of either internal audit (frowned upon but legal) or a contract with a qualified third party audit firm to audit the successes and failures of your compliance management system.Achieving this is not difficult nor does it have to be expensive in relation to the size of your operation, but to operate without it opens one up to major fines and prison sentences.

Here is a brief background of myself:Started out (January 2011) part time as an intern for a reputable property management company in Southern California, specializing in SFH and HOA's.

Hi,I'm new to this forum and I come from Geneva, Switzerland in Europe, I found a lot of very interesting informations and rules, like the 50% and the 2% rules, on BiggerPockets but it seems to be impossible to invest in my local market with these rules so I registred to try to see what you, US expert, thinks about the situation in Geneva and what I should/can do here.First things First, in Switzerland everything is expensive, and housing is specialy expensive in Geneva since we have a lot of banks, international companies, NGO and even the United Nations who brings a lot of very high paid employes to our city.The whole Switzerland is probably smaller than most states in the US and Geneva is a small state in Switzerland.

I only get one chance at a "first" deal, and I know the first one is the most important as it could make or break a first time investor.Between working full time, and attending school full time, my time is a little pressed to do my due diligence for each property I'm interested in.I'm also looking into trying to intern or get a part time entry level job with a real estate office or property management company as a way to further pursue my education.

They want to be my "intern".

Additionally, this semester I am interning the Indiana Economic Development Corporation and I am learning a lot about state grants that are available to rehabbers and investors for value projects or new development in lower income areas.

I have an international client with properties in zips 46201 and 46221.He has been ripped off big time by a dishonest turnkey company and I am trying to help him get the properties stabilized.

Every single component of buying a turnkey can be checked on with some easy due diligence.

Internal obsolescence can be controlled or modified, such as a floor plan requiring traffic to go through a bed room to enter a or the only bathroom, or having a bedroom off a living area requiring traffic to go through a living area to get to a bathroom.Social aspects, popularity of an area, shift over time and may change the market aspects of any residence.It's rather naïve to walk up to any property and declare that the property will be purchased and kept forever if it is influenced by community factors.

While your opinion is duly noted, and I agree that the opportunity cost is higher to rent elsewhere in most cases, the fact is, under the definition by the International Accounting Standards Board, the example would fall under a liability.