Unless you are going to do a full IRS audit (on smaller properties at least), I really don't see the value in any of the data provided by the owners - so much is dependent on how that individual manages their property and their honesty.

Going to guess it's a pretty short contract, which as you've discovered the hard way, let's them do whatever they want:(You should also go through EVERY maintenance charge to see if it was warranted or not.Try to push back on this company, but don't hold your breath they will do anything of significance.Once you've audited everything, you'll probably want to fire them and transfer to a better PMC.

If you get audited, you would need to be able to prove your intent to hold (vs. intent to buy, rehab and sell or flip). 

An intermediary with integrity will demand an accounting and paper trail that will sustain an audit.  

Seems like it would be pushing the envelope and asking for an audit and fines.

The real issue is whether you can prove that you had the intent to hold for investment if you get audited.

I just thought that doing 1 action like a HELOC payment for the exact amount of the loan would be the quickest and easiest thing to do if I were to able to get audited, because I can easily show where the money went.

Put systems in place to double check and audit onsite managers (BP podcasts have been great for these ideas), systems to handle any evictions, systems to reconcile rent, etc...The one strategy that I have not done in my local market is to get information on the local parks.

I found this funny article just wanna to share with everyonehttp://www.forbes.com/sites/anthonynitti/2013/03/25/what-are-your-odds-of-being-audited-by-the-irs/ThanksHuy

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