I still charged her rent (about 80% of market rent) and I paid the same, putting both in my landlord checking account should any unnecessary expenses come up with the property.

Let society impose general taxes and then subsidize the necessary tenants. 

Thanks for the history lesson and unnecessary lashing rhetoric regarding favors, but he posed questions in a manner that clearly triggered you ...  

Questions is, if the City audits could they impose tax on the assignment?

And sorry that realtors have given you the impression they are unnecessary.

Quickbooks too complicated and unnecessary for a beginner. 

lots of unnecessary brain drain.. 

While that doesn't mean the Commission would impose a $10,000 fine, I suppose the risk is there. 

I often break it down into the "three pillars" of protecting your assets.The first pillar is avoiding unnecessary and risky activities (don't drink and drive, insurance generally won’t cover your poor decisions) and take good care of your investments - these simple steps will help you prevent lawsuits before they even occur.

So in theory I buy my own 8% dividend yield from my own money from nothing LOL, it is just imposible one could produce sustainable 8% from rental alone.When I ask this fact they're so upset LOL.....this is why, sorry to say, investing in public entity is still safer in general than buying private syndication/fund like this because there're too many area where the accounting book can be cooked/manipulated.If we see Bezos's new SFR venture, we can see that their return is not guaranteed and their yield is only between 3.5-4% , which is about correct.