I'm just saying that for those who can validly take the deduction, they shouldn't let all the hype scare them and they should go ahead and take it if they fulfill all the requirements.I'm happy to say that I'm starting my 19th year of tax preparation and have never had to defend a client to the IRS over my own work or a deduction taken, so clearly your CPA has a lot more experience defending his work to the IRS than I do and so would know what is going on with his clients that is requiring the defense in the first place.  

I am new to this and immediately got into the defensive because I felt embarrassed that I don't know any of this instead of taking all of this advice and learn from it.

But in your defense I would agree that first associate you mention is probably not the right person for the job for you personally. 

They cancelled at 3:00, day of, while I was at the conference! 

Because of this, they need the "defense" of cashflow until they build up some wealth...I cringe when I see completely inexperienced aspiring investors with no net worth on the forums talking about buying cashflow negative properties...according to them, it'll all pencil out "when" (not if) rates come back down, and "when" the property appreciates--as if those things are as certain as the sun rising in the morning!

Don't pierce the corporate Veil: This can occur if the entity either is poorly capitalized.Inadequate Initial funding of the entityor fails to maintain a separate identity from its owners ( using the business bank account for business purchases, maintaining separate books)Conversion of entities Assets for Personal Benefit:Another factor that poses a risk of piercing the corporate veil is the draining of entities assets (such as payments of large salaries to shareholder-employees) that leaves the entity with inadequate resources to pay its debts.Do not commingle personal and LLC assets.Maintain a separate LLC bank account.Execute an operating agreement.Follow the provisions of an operating agreement.Have LLC member meetings according to the operating agreement.Title property in the name of the LLC.Maintain insurance on LLC property in the LLC's name.Sign all LLC documents in the LLC's name, not the members' names.Although Single member LLC are more prone to failing the separation test, these steps will also provide a better defense against other creditors attempting to prove to pierce the LLC veil.SMLLC does not file its own tax return, meaning it is disregarded for the tax purpose, so you will still report the rental activity at Schedule C of 1040. 

Hey @Derek Howe, When considering whether to sell your rental duplexes and pay off your primary residence as a defensive measure, it's important to carefully weigh the options and consider various factors.

Have a conversation with your Attorney and Insurance agent and determine who should be listed on the policy to enable defense costs to be covered in a lawsuit.  

Hello,What are some good real estate conferences and meet ups and masterminds that new agents to attend?

Does anyone know of any real estate conferences in the tri-state area?