I think that's going to be a tough sell to the IRS at audit.As for documentation - I've not yet represented anyone at audit where the IRS questioned the date placed in service.

If you are audited, you may be requested to show that you’ve been renting the correct percentage of the new property.

My EA for my Audit says unless expenses for looking at an investment turn into an actual investment, the IRS does not consider them an expense.   

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

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

There are statistical based cost segs providers that do not do the full report unless you get audited that are significantly cheaper, but I won't address those as I have had no clients use them.

Not having your Operating Agreement done correctly could be disastrous if ever sued or audited.

Even "tax attorneys" are typically attorneys that defend you against IRS audits and lawsuits, not typically people you want to go to for specific tax advice.As @Logan Allec said, you want an attorney for forming business entities like LLCs for asset protection, or for drafting any contracts or agreements necessary for your flip business (partnership agreements, etc).

Location of property:Occupancy rate:Year purchased:Price paid:Current property value:Gross yearly income:Yearly expenses (if can be broken down, even better):Net yearly income:Personal insight from their experience:I hope this is a legit discussion and we can bring value to newbies like me.Thanks :)P.S - If Moderator can change the title to Share your STR Economics, seems the subject can't be edited  If you want real-actual-fact-honest-audited STR operation , you really need to read the financial report of STR specialized syndication.most of them makes quite good money if they purchase before 2016.