This was on top of redemption requests coming in from investors and regulators wanting to audit everything you did.  

You may need a Phase 1 audit to determine what course of action is necessary.

However it will never be an issue unless you are audited. 

Have been in an audit pertaining to the Realestate Professional status, for over a year.

Well, that's pretty much asking what the risk is of a tenant/buyer dying, becoming incapacitated, hospitalized, taking bankruptcy, getting a divorce, being sued, having a tax audit or even talking to a bank for a takeout loan......what's the chance?

The risk is you get audited and they disallow your deduction.

Conduct lease audit and make sure all documents are there (application, lease, proof of income, proof of payments for security deposit etc.) 

Considering that revenue agents often cite to TCMs and other legal authorities when making post-audit determinations, it seems that this information would be absolutely crucial to recommending the appropriate tax structure.Of course, the situation would be different if a client, already mired in a controversy with the IRS, sought the advice of the tax accountant as to the potential outcome of the dispute in tax court.

You can set up an account on mrlandlord.com then apply for an office audit.

If it goes into the base, then it'll get depreciated over x years.If you put the full $50k remodel cost into your tax return, then be assured of your audit.