Multi-Year Rental Property Audit

Multi-Year Rental Property Audit

Investor · Chicago, IL · Member since 2016 · 29 posts · 9 votes

I own two, two unit properties in two different states.  I co-own both of these properties with a family member, but for the better part of the decade the management, along with the lion share of associated expenses, have fallen to me. While we maintain a checking account for each of the buildings for the receiving of rents, more often than not expenses have been paid out of my personal accounts. Years of this informal management have strained the relationship between myself and my family member, and I would like to order a multi-year financial audit of the two properties to clear the air and to wipe out any ambiguities in the books. I've posted before seeking an accountant to start the new year out right, but now that I'm hoping to dissolve the partnership, I believe it's best to conduct an audit of accounts as far back as possible for full transparency. 

Are there accountants who conduct these types of audits? If so, what are costs and logistics associated with one? Have any other property owners conducted such an audit? If so, I would love to hear about your experiences.

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  • Qualified Intermediary for 1031 Exchange" · Jacksonville, FL · Member since 2015 · 239 posts · 84 votes
    9y

    while I normally never offer up my own services, I realize what you are seeking appears to be very time sensitive and your needs require a unique skill set that is not on every block.

    Having said that, I am a Nationally Certified Forensic Accountant, a Licensed CPA, I am a Licensed Florida Real Estate Agent, an avid real estate investor that owns 26 different commercial and residential properties, a Nationally Certified Business Valuator, have valued hotels and storage facilities in litigation cases several times, was a licensed Mediator for the first 11 years of my career (mediated over 3000 cases), Certified in Financial Forensics by the AICPA, a Personal Financial Planner and have a Doctorate Degree in Jurisprudence (law degree).  Most importantly, I have testified, either through deposition or trial, as an expert witness in these types of cases at least 30 plus times and I have been appointed unilaterally by Judges in at least  two different states to be the Forensic Accountant or Business Valuator in contested divorce cases or other civil matters    Please let me know if I can help as I am happy to assist.

  • Investor · Chicago, IL · Member since 2016 · 29 posts · 9 votes
    9y

    Thanks Robert! I will be reaching out for more information. 

    If you can disclose any cost ranges for expectations or any logistics/scope that would be helpful. Is it difficult to work with out of state accounts? These properties are in TN and IL. 

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