Just learned of a dear friend who recently resigned from their prestigious position because an audit showed they used company funds for personal expenses.

I'm not saying the data is false, but I question the impartiality of the source. 

If the proper reports and documentation are not completed, you run the risk of failing an IRS audit and the cost segregation not being honored.

Or what happened if the other party is audited and they report it differently than you did?

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.

The best sources are the RE books used in RE schools for Realtors, better yet take the course, you may be able to audit the corse for less as you don't need to take the exam.

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).

You have the advantage.Plus having both you and your dad's names on the title instead of an LLC might lead to the IRS audit (even though I'm pretty sure it will be nothing, but it's just a hassle).Again, consult with CPA and Attorney for the best setup.

That "not responsible for stuff".Audit the minutes and books of the company, audit operational and any escrow accounts, it's better to leave some money on hand and pay for it, keeps accounts open.

I know loans are not taxable income, but I'd like to avoid getting audited.