However, after listening some more he acknowledged that you could be legit with the IRS.

@Greg Hall,Yes I am aware of the Acknowledgement Date FNMA uses.

As far as this particular situation, it is not good that the property manager acknowledged the rent increase request and didn't follow through.

Would this situation not fall under that category even if we have the tenants acknowledge and sign the fact that the water does come in the basement sometimes?

When I have a property that is mixed smoking/non-smoking, we discuss with prospective tenants to make them aware that the property is transitioning to non-smoking, that it is in the rental agreement that there is no smoking within their unit or common areas, but acknowledge that there may be smoke on the premises in other units.  

TO ALL WHOM IT MAY CONCERN:The undersigned, in consideration of the sum of $_5280_, the receipt and sufficiency of which is hereby acknowledged does hereby waive, release and relinquish any and all liens and claims for liens for labor or work performed and/or material furnished to the construction project commonly known as The Bradley Rental located at xxx Myaddress Drive.

@Jason BajajTruthfully, most if not all people hate to acknowledge and / or discuss their failures.

While Maverick could've done a better job in vetting these guys and performing a higher level of due diligence, they acknowledge this fact.

I have done a couple of one word responses to these like acknowledged or noted.   

For example: any deed containing the names of the grantor and grantee, a description of the property sufficient to identify it with reasonable certainty, and the interest or estate intended to be granted, is sufficient, if executed, acknowledged, and, where required, recorded.