The need to move it out of OREO status.

Neither CPA or tax attorney status alone will tell you if the professional you are selecting is qualified.

Call the title company and talk to the escrow officer and ask them what the status of the escrow is, if it's on track to close etc.

All of sudden they have to contract everything out, and their return will be similar to an REIT or even worse.The foundation of a Healthy US Economy is the Health of the Real Estate Market.

Right now my current report includes the following:1) number of calls2) number of pre-quals ( per our standard checklist)3) number of showings4) number of applications taken/given (app feel collected, status of current applicants)5) feedback from the unit (why people chose not to rent)I want to create a more thorough report to provide our owners and I can't think of anymore info other than "days on the market" I want to be able to adjust to the market and provide my owners with a reasonable market rate/ adjustment versus their cap expectations..What type of information/feedback will make you more comfortable with your PM.

I've read some of the IRS audit guidelines that say about the same thing, when evaluating returns where the filer claims "real estate professional" status based on managing rentals.

Chris' explanation do dealer status with the car example is a perfect one.

Really, if a realtor is not doing at least $4mm of production, it's not a very good living after factoring in the irregular and long hours, automobile expenses, office and marketing expenses, BOR/MLS fees, self employment taxes, buying your own health insurance, etc. etc.

To expound, you can get the gain excluded for a personal residence for reasons of health (presume if you had to sell your house to go into an assisted living situation), relocation, and "unforeseen circumstances."

Having congress cut off funding for mental health treatment issues can't be considered, having nuts means identifying them and treating them, at least keep tabs on them as we can't just lock them up.Now, to get the popcorn!