I'm a CPA myself (audit side) who moved into private industry in 2010.

Otherwise, don't worry about it.2) reduction in audit risk.

As I stated in the post above I have my B.A. in Accounting and Finance, CPA eligible, Took audit and got a 70.... twice. now the option is to become a real estate agent to become a better investor because I would be working in the field etc. or focus all my time and energy passing the exams and working with a CPA firm. 

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

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? 

Are you auditing financial statements or something else?

We hired a Six Sigma Blackbelt systems guy to perform regular audits of turnkey providers to make sure they continue to meet our very high standards.Be sure to speak with one of our investment counselors as well to get the inside scoop!

I think it is a pretty insignificant point, would go under the radar, and no one would ever know the difference anyway, unless maybe a detailed audit was done.Any feedback?

on both MF and SF business models  and have participated in MF road trips (both educational and acquisition trips) and participated in due diligence for other members (lease audits, unit walk-throughs) and have met with various lead investors to pick their brains. 

And if the buyer did the same, with a separate valuation for the same property, doesn't that increase audit risk, since a seller is stating carpet was worth nothing, or minimal, and the buyer wants the carpet worth as much as possible, to write it off?