The last thing you want is a tenant claiming health issues due to improper asbestos removal. 

I'd want to see the brokers BPO, the listing agreement etc and require that he reports maybe weekly on the status of the sale.You can also charge a fee.

Dad is 72 and mom is 71 with poor health. 

Keith, you can go to the county tax collector's website to see the property tax account status. 

I know I'll be subject to self employment tax & paying for health insurance out of pocket (versus the group plan I get through my job) - what other expenses or considerations should I factor when looking to go this route?

We recently rented a vacation home that was pet-friendly, and we were required to provide a certificate from our vet attesting to the good health of our pet (I believe to ensure that he was fully vaccinated).

@Jimmy Lieu I talked to a septic tank contractor and they pointed me to the right department for permits (Dept of Health, Wastewater where I am) Ended up talking to the person in charge of them at the Dept of Health for awhile, and learned a lot about septic in the process.

The fact that the status quo is having an application that's a PDF that's emailed back and forth between landlords/PMs and tenants that very well includes potentially sensitive information (SSNs, bank account numbers, etc) is the very reason a product like Cozy that seeks to act as a data intermediary continues to exist. 

If you are new to this CPA and didn't know about RE pro status prior make sure you have a detailed log of your wife's time in the business for audit risk. 

its a tax status, not a legal entity) has benefits since after paying yourself a "reasonable" salary, the rest of the profits can be sent to yourself as dividends, thus avoiding self-employment taxes.