You may find all the rules and regulations here:https://www.citybigbearlake.com/index.php/code-complianceIt is very hard to pick up a VR business from distance unless the house is a turn key home.

Current as-built drawings, plans & specificationsDescriptions of buildings, physical aspects and systemsSite Plan (with dimensions and identifying tenants and vacant locationsPhase I and if applicable Phase II environmental site assessmentProperty Condition ReportStatus of ADA compliance (including ADA plans)Warranties (HVAC, roof, insulated glass, etc.)Existing exterior, interior, and aerial photographs of PropertyFloor plans with tenant location (CADD/PDF files)Any and all Leases and Tenant correspondenceAny and all Service ContractsGeneral Ledger for the past 3 yearsThree year history of delinquency and bad debtMost recent detailed billing statement for all TenantsTenant ledgers for previous calendar year & YTDCertified Updated Rent Roll and Certified A/R ScheduleList of security deposits and prepaid rentLeasing update (pending deals, LOIs, renewals, lease-up projections)Future Tenant improvements and leasing commission obligationsThree year history of tenant improvements and leasing commissionsCurrent year detailed operating budgetYTD budget vs. actual analysis for current year & 2 prior yearsThree years of operating statements (revenues & expense) historyCapital items/budget forecast (3-year projection)Three year history of capital expendituresProperty Tax bill for current year and previous 3 yearsCurrent Insurance CoverageThree year history of insurance claims and incidentsTenant’s sales volumes for at least 3 yearsThree year occupancy historyExisting appraisal report(s)Confirmation of ZoningCertificate of occupancy/use permitsStatus of pending litigation and/or threatened condemnationMost recent title insurance policyMost recent as-built surveyCAM Reconciliation for prior 3 years

@Curt Bixel Here are the things that many CPAs support their clients with:Understanding tax impact of short-term vs. long-term vs. flip before you buyWhich entity structure is best for goals and investment property typeTax and compliance on LLC or S-CorpHow to transfer property out of personal name into LLC (hard to buy 1st through entity)Ways to optimize taxes throughout the yearHow best to set up accounting to track income and expenses (doing this late is a mess)Feedback on property management systems, accounting systems. systems, etcEstimated payments to avoid penaltiesKnowing when to file and getting things in on timeMaybe a few things I missed, but this is the high-level ….. if you can get answers to the above questions on your own, plan, and file your own taxes then you can avoid this expense.

Sometimes the skill you’re learning is perseverance, when what they’re trying to teach you is compliance.

With all the threads on the SAFE Act issues, compliance, seller financing and this is how far we have gotten.

LOL....If I am a credit reporting agency I'm regulated and must act in compliance with applicable laws, one being the fair credit reporting act.

The legal fees are worth it to ensure you’re in compliance!

It's better to have a MLO write the loan so you do not have to worry about the volume of loans the Seller made being in compliance.

If you'd like more information about any particular jurisdiction, feel free to DM me :) we have comprehensive compliance resources that we use for our clients.  

And I don't just hold others to my opinion but to regulatory compliance that is in black and white and known acceptable practices and an understanding of what happens next or the effects of what they do.So, Rob, while there is some business stuff in any business, RE included, it's really more about doing things legally, ethically and a good attitude toward people you work with.