Then I would wait for my audit notice(would be my 3rd) win the audit and then write my 3rd book " How I beat the IRS at their own game"" Damn Lenders.

In my personal opinion, 24 months is a very conservative hold time because it straddles three tax years and if audited, you can clearly show your intent to hold.

JV agreements with LLCs gives the best protection and helps keep your books separated in case of an audit. 

Figure this:20% of the purchase price2% of total loan amountAnywhere from 1200 - 1500 hard closing costsFigure 800 for the appraisal and then the CDA (which is the in-house audit of the appraisal)Figure you'll make 3 - 6 debt payments while the work is being done. 

Got all records from management company and after careful audit, actual expenses: 52.4%!

In the meantime I've been utilizing any opportunity to learn about real estate, from working as an intern auditing apartment complexes to working as a leasing specialist learning how property management companies operate to make it a lot easier on me when I begin investing.

There doesn't appear to be an audit down the road after closing to make certain you are in compliance.  

I believe it has been money well spent as he seems to maximize our returns without being so aggressive to have yet resulted in an audit. 

Unfortunately we were in the middle of an ISO recertification audit when I got back from work, so the timing wasn’t good.

Oh and for audit purposes most auditors will accept 50-80% of your cell bill as an expense unless you can justify on a bill by bill basis that your percentage of business use is higher.