They may even start an actual audit of your tax return.What about private lenders then?

I recently received a letter from the tax assessor explaining tax assessed value of the property increased to the purchase price I paid for. 

-House was not in a trust- as I understand we will need to pay taxes on gains (parents bought it for about 12k in 1969, zillow says about 150k today)-House is not MLS-ready. 

Specifically, the areas near Wake Forest Medical School and Wake Forest Baptist Medical Center have attracted investors, as students are seeking rentals during residency.Favorable Tax Laws:  North Carolina boasts relatively low tax rates compared to many other states, with property taxes averaging at 0.70%, which is below the national average.

I would not consult an attorney at this time.  

Active Income - Passive income, from rental real estate, is not subject to high effective tax rates.

Why would I take commission on a house I bought and get taxed on it? 

I recently had my taxes filed with a new CPA, and i'm not 100% certain if my taxes were filed correctly.

Tax Benefits.Depending on the property, you can utilize other methods to gain the cash.

You also have to factor in future property taxes.