That job description could go into corporate security devising security procedures for employees in a warehouse, auditing invoices, shipping manifests, inventory audits and setting in place audit trails to manage inventories as loss mitigation activities.

There are other audit trails I'm not going to mention.

The PM was very forthcoming as well (I think he was auditioning just in case of a sale but I have my own PM).

i found the article below to be pretty informative.http://www.biggerpockets.com/articles/1332-hud-223-f-pros-and-consi have also talked to a family friend who paid the prepayment penalty and refinanced out of the HUD loan due to: frustrating annual maintenance audits and the onerous annual financial audits (that he had to pay a CPA to do for him).Just wondering if anyone on the forum had any firsthand insight on this stuff.

The fact that it has wood foundations worries me a little for holding it for years and years(despite inspections/audits looking closely at them and finding no issues)...

Would have pushed for a longer balloon for pay down and to mitigate risk.I have seen these owner finance deals work out and then some crash and burn.Hopefully before you close the seller is signing certified financial statements that have been independently audited and verified under penalty of perjury.

we have 45+ accounts & after our 2012 IRS audit it proved to be a wise accounting decision. 

In my experience they rarely audit you.

An audited appraised value position will be provided to investors/lenders on a monthly basis or when changed. 

I've done audits of 401K plans in the past too.