Most of those towns are not going to have CAFRs, though all the incorporated ones will have audits that you can request.

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. 

@John Matthews No - not a real estate CPA - I'm mostly on the corporate audit side of accounting.

Each state has a Division of Real Estate who oversees broker operations & requires broker's to adhere to incredibly strict accounting procedures, audits and care of all of this money that flows in & out of their hands that is that of the client's (you) or the tenant's.

Until you have an independent audit of someone's finances, they could be worth $1 or $1 billion.

If the company has excessive complaints the division will begin to audit ALL of the companies files.

Tim Mospanyuk One requirement when completing a 1031 is that you can prove to the IRS, if audited, you had the intent to rent the relinquish property, hold it for appreciation, or use it in a trade or business.

I perform STR cash flow audits at no charge, any time my clients ask.

But seeing as how that would likely trigger a serious IRS audit, not to mention significant penalties and possible prosecution, they should probably just leave well enough alone and either live with their higher interest or sell and take their windfall and go elsewhere. 

Agree, our youngest daughter has been home office bound for >3 years (yes b4 Covid) & she is now interviewing for 'home office' staff to assist in the accounting/audit for the 3 (inter-related) corporations she is the financial officer for.