However, based on the snapshot from the Cuyahoga County Auditor's site you posted, the building is assessed at a value of $129k.  

I had a $750 bill for one 3 hour meeting with the auditor from my old CPA, and he didnt even follow up with the correct info.

I am leading a large group of investors from around the globe dealing (via our lawyer) with the guaranty company, auditors and insurance for E&O with the Title Connection (dba the squad llc).

Passive income is only from REAL ESTATE in which the owner does not take an active interest in the management.I remember back in the '90s this was a high interest subject to IRS auditors, not sure about now.

So whenever you close, the meter will start running because your auditor's office will (probably) recalculate your taxes at the new purchase price and without the deductions (if your community elected a half-decent auditor).

I find it difficult to believe that an IRS auditor would look deeper.2) A refi done very shortly after purchase can be viewed as a "delayed financing" situation.

I would highly recommend meeting with the auditor instead of mailing it in.

The outstanding mortgage debt is ~$60,000, and the fiduciary is assessed the property at $137,000 based on the county auditor's tax value.  

i can speak for counties in ohio now.. but all you have to do is go to the county auditors web site and do a search on the property....

As a former auditor, "what if" risk based approach has been drilled into me so I'm all to familiar with preparing for worst case scenarios just in case.