If they happen to audit you, they'd quickly learn of any obfuscation and that wouldn't be good for you.Again, good for you for taking the plunge.

No one seems to question that the CFPB can audit any of my loan files at any time without probable cause or a warrant (overall I accept this and think it is a good thing), but that's very different than your or my personal car or home. 

If/when I ever turn over my properties to a professional PM I'd expect monthly/quarterly audits of every property along with photos of completed work (as I require for all contractors currently). 

Both of those structures involve some planning and involve different levels of expense and experience (brokers license, annual reporting, audits, etc.). 

You will not be able to rely on that phone call with the IRS agent if you were to get audited.

This is basically for audit purposes if there is a complaint filed. 

.**** this is not covered in the Act, it is an audit trail as there are record retention requirements and an RMLO should keep records of anything s/he puts their seal to.In the note business, any investor who buys a note secured by a covered property can get hung on the discount later on as such notes filter into the market, I suggest you not buy a note concerning a covered property without a seal, either showing compliance of origination or a statement of exemption. :)   

He was was audited and investigated by HUD.

He even trains IRS agents, usually in the course of an audit when he's called in to rescue someone and has to teach the IRS agents the CORRECT way (as established by the courts) to interpret the tax code.

No audit is needed. 4.)