Plus, you have to figure out on your own everything you're doing and what paperwork is required in case you get audited.

We have secured an offer to purchase a package of $40mil worth of ABCP + a consistent future flow to buy up non-performing commercial loans (not cherry picked, but definitely audited). 

We are state licensed and audited in every state we operate in.

While my background as an auditor is within the retail/QSR/manufacturing industries...I have had some experience with real estate audits (no offense to real estate CPAs but AR and inventory is way harder when it comes to audit testing!).  

@Russell Brazil Does the state typically audit a medicaid recipients personal residence at the registry of deeds to make sure title has not passed?

An attorney told our real estate club comingling funds is viewed favorably in an IRS audit.

At the end of the project the insurer does an audit to make sure everything is correct and then bills me (I either add to my original deposit or they refund me a portion of my deposit back if my insurance bill is less).

Sometimes referred to as a "straw man".The tax code does not provide a timeline that would "scrub" the transaction, so it would be subject to the interpretation of the IRS in the event of an audit.  

Its a tax return not an audited financial statement. 

Bottom line, a licensed real estate agent deducted mileage for visiting houses for possible investment, never invested in any houses and the IRS audited his returns.