Our firm likes to take it a step further and if we see mistakes amend those so you can get tax refund back from prior years. 

Undoing the mess via amendments, etc… always tends to be laborious and more expensive then getting these right the first time.Why are  CPAs seemingly not always in the room when GPs and their attorneys build out their RE Funds? 

They panic then have to pay someone to do an amended return and get a POA to figure things out with the IRS.

Also, before doing so ensure you can take full advantage of a cost segregation on a STR.You don't need to amend prior year returns to claim it. 

@Aaron Mikottis, from an accounting perspective, no, this is not a nightmare, but you will need to amend your LLC agreement if you are currently the sole owner.  

Im pretty sure I need to do an amended return.

I would like to amend my offer to put this person into the contract."

If so just go back to that attorney and have them amend the % of ownership with PSA.   

Keep copies of all documents related to the offer and any amendments made during negotiations.Hope this helps!

I've seen architects spec the wrong sprinkler system more than once and you either have to spend nearly double on a larger system with a dedicated water line or amend the plans (and potentially lose months depending on when the mistake is caught) waiting on the amendment to go through so you can move the project forward.