Apparently you can take the same write offs personally as you can in an LLC, just keep track of expenses diligently and be ready to defend them in an audit, which you should do for an LLC anyway.

I guess I myself am wondering one thing...I've seen a lot of cases where a property goes into foreclosure and the local tax authority is sued as a defendant.

In order to prove fraud, they must prove INTENT and Simple omission can be considered fraud if there was intent on the part of the defendant.

Oddly enough, he has yet to post/defend these accusations.

Agent now denies he ever commented on the central AC to me, and is now defending the inspector saying he must have passed Swamp Cooler in working condition as it qualifies for an AC.

However foreclosure impacts the leverage the plaintiff has to go after the defendants' house, but the judgment is still intact.

They just sit there collecting dust, waiting for their turn for the scrapyard or to have parts taken from them, or perhaps the distant chance that one day all hell breaks loose and we need thousands more military planes to defend ourselves.

Ultimately, you're creating contracts and those should be reviewed and/or generated from attorneys specializing in real estate litigation that have experience fighting and defending those kinds of contracts. 

Todd, no wonder you defend all turnkey operations.You are one.

It all comes down to whether the salary is reasonable compensation in light of the work performed.I defended a flipper in an IRS audit and I did NOT prepare his original tax return.