FDIC audits the banks for compliance...

Josh, would you please let me know how to download the files independently?

My "strategy" is to buy and hold multi-family properties, primarily for the rental income stream.Alternatively, I'm also looking at single-family homes I can acquire for less than 30k, and rent out for a few years (still with positive cash flow), then sell when prices have recovered a bit.The purpose of all this work is financial independence - I want to replace (and exceed) my current job income with rental income.

Just a little extra insurance in case I ever get audited.

I have seen sellers try all kinds of crazy things in the past.People do all kinds of things on bad or conflicting advice and then try to unring the bell later on when what they have done will not stand up to an IRS audit.

Do a forensic loan audit on it to see if the mortgage docs are all proper and in place.

Having a great team that can work independently is tremendously important; we were lucky that all our contractors turned out to be very professional, reliable and trustworthy, which went a long way towards ending up with a quality rehab.The biggest takeaway is that there is NO WAY I could have done this successfully had I not had many rehabs under my belt already.

That they key was the CPA was knowledgeable and helps with tax planning and strategy instead of just inputting forms but I am not sure.3.What about if you ever receive an IRS audit??

I would NOT trust the current property manager, get an independent assessment.

Consider that the cost to install many items - tile, carpet, cabinets or toilets to name a few - is independent of the price of the item.