FHA will do audits as well to insure that you are occupying the property as well. 

How important having an itemized printed receipt from Home Depot is in the (unlikely) event you get audited, I can't really say.

yes, it is not like kind because you are purchasing sharesyour RoR and net nothing to do with the syndication IRRthe syndication IRR only has to do with the project, and are independent of where you got the money from and what interest you are paying for it, and the capital gains tax you paythere are very, very few syndicators that will allow you to 1031 from one of their syndications into another- I have heard of one, and I cannot remember exactly which one it was

There are a TON of factors that can go into play with landlord policies, so making connections to a good independent agent can really help. 

In general, the ones to avoid are the ones that: Don't allow financing or a finance contingency (it can be a good indication they are selling above market value)Don't allow for your own independent property inspectionAre not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors)Require you to pay for any renovation upfrontSell only in cheap. low end neighborhoodsDon't accurately represent the neighborhood/property classificationDon't have consistent rehab standards for all propertiesIf cash flow is your goal, I highly recommend looking closely at Indianapolis and Kansas City. 

Check out our one group called "REAL", and our financial independence meetup called London on FIRE.

the IRS has consistently ruled that a cash out refi closely followed by a sale and 1031 is the same as taking profit and they will disallow your exchange if audited.  

no problem for IRS audit? 

They are always relying on independent minded, unreliable subs, and always balancing too many jobs that they underbid in order to get the work.

At what point we are in depends on which city, economy, jobs, population inflow vs outflow, home supply/demand, etc.Terry