Not much different then Sched E on a 1040, except 1/3 the audit foot print in the 1065. 

If you have some sort of a print out from your own bookkeeping and your closing statement from when you bought it if it was in the past year, or last years tax return if you claimed it last year for the duplex it would be really simple for them to add it onto this years return and your whole return would likely be like $500 and would be covered by their audit guarantee.

Market demographicsYou never know how grumpy a field agent auditing you will be. 

Let me just add that while some have said they ahve been filing a certain way:  Do you know if the IRS has actually audited your returns? 

We help them with bookkeeping, setup, review, owners statement, audit trail and financials.

Be careful selecting codes as your business will be viewed on par with others, any large differences can trigger audits.

You will not get audited due to land values you report on your tax return.

The downside to consider is that one of those most common areas of 1040's that are audited are those with schedule E on them.

New privacy laws demand that these platforms have robust consent management mechanisms, data encryption, and audit trails in place.

For example in Ohio before you can open your own company and offer property management you have to be a Real Estate Agent for 2+ years, complete 2+ years of college, transact a certain amount of real estate sales, open a physical location, subject yourself to background screening as well as division of real estate audits on your bank accounts...Yet investors immediately always think that their property manager is working some scam on them when something like this pops up.