However, there may be certain exemptions or procedures available in your jurisdiction to avoid reassessment in specific situations, such as when transferring property between family members.The approach suggested by the tax assessor office, where Aunt A provides evidence that she was only a co-signer and has no ownership interest in the property, could help support your case for avoiding reassessment.

@Viral Mehta why haven't you already implemented these procedures to test them out while you are still local?

I've drafted a Standard Operating Procedure (SOP) for attaching brackets directly to studs, which should provide enhanced stability.

---So, ask about their standard operating procedures and make sure your management contract has an easy termination clause.What are your options if you experience one of the above?

You can write your own operating procedures and do quarterly and annual meetings between you and your partner, but it's not as complicated as it sounds.

Do the same approval policies and procedures apply to section 8 renters?

Understanding the management terms, including fees and tenant handling procedures, is also vital.

Also ensure they are up-to-date on the most recent construction accounting practices, audit procedure and tax regulations.While price is a consideration for everyone, remember that the cheapest option is not usually the best option.

I don't recommend this approach as standard operating procedure, but in that deal, my first, I was somehow able to walk away with a $30K profit.  

There are attorneys who make their living by hiring people to apply for rentals and going after landlords who don't have a clearly documented procedure.