Just registered on the state treasurer page and took a practice auction.

California is probably best known for this practice but most states have a required or suggested frequency for reassessment and are discouraged from using the sale price as an indication of the assessment because it causes inequities (those who have purchased recently have the highest assessments).

This can be a little costly and only certain attorneys specialize in this, as they are the ones who go after their peers, so not too many turn to this in their practice.

I don't believe it is a law, just sound business practice.

Thank you.it also bears noting that inspections every three years is not best practice:) you should be doing this annually at a bare minimum.

A furnace filter is an expendable part that may be expensed.The nature of expenses are usually those that have a short life, are expendable, used and thrown away like a mop head and cleaning supplies, office supplies.Insurance is an expense in holding a property from day one, it is not part of the property, nor are taxes or HOA fees, your city license.These differences are found in Financial Accounting Standards Board (FASB) rulings with respect to generally accepted accounting practices (GAAP) as well as the Code setting schedules.

Due to personal circumstances, I will likely need to rent out both apt's.I've been debating what the "best practices" are regarding protecting my assets are in my situation.

Good articles on real estate law in their Practice Areas/Resources section.

Even if the seller could "elect-out" and file for entire gain in his/her tax return and then request FTB to relieve the buyer from such duty of withholding, it is not practical to the buyer, in any way. 

Sandra,Creative idea...consider placing the family farm in a Conservation Easement (CE) a very common practice for properties that work.