In the long scheme of things, this is worth more than the short term bucks you'll get from the tax deductions (which also might put you in an awkward spot should you get audited, coughing up taxes and penalties).3) While there is no statute of limitations on maintaining all records to establish the correct basis on a property (for computing depreciation currently abd eventually computing the capital gain when disposed of), I do think that you would have something of a "safe harbor" if something that you expensed improperly (or let's just say aggressively) has slipped more than 3 years into the rear view mirror, as long as there is no evidence of fraud/criminal activity or other shenanigans that would give the IRS greater leeway in dredging things up.

We used this exact color scheme on a couple of our flips this year.  

They basically made it sound like a pyramid scheme.

The clincher to me is that the appraiser has to sign your tax document which I doubt the assessor would for potentially squirrely tax schemes.

I am not a big fan of the multiple entities and anonymous blind trust schemes. 

I found in one a disclosure stating that a broker who was selling shares has been convicted a few years prior for operating a ponzi scheme.

My go to is a CIL colour called”touch of grey”.

___Indy Star5 housing schemes that dragged down Indianapolis neighborhoodshttps://www.indystar.com/story...

(and with turo's recent protection plan/payout scheme changing it makes even more sense).2. 

What I will say is that karma is a mother effer and this sounds like some out of control Ponzi scheme that will come screeching to a halt in due time.