And those bank statements tell a story that would trigger an IRS audit if the IRS saw it, not because they're broke, but because they're good earners, but comingling biz and personal finances, presumably to write everything off and look broke to the IRS.From CoreLogic -- "The non-QM share of total mortgage counts declined during the pandemic and reached its lowest level in 2020, at 2% of the market.

Under audit the IRS takes the position that the property is placed in service when it is first being rented, not when you list it for rent.From a practical standpoint you will find yourself pissing into the wind by trying to argue it was placed in service before you completed all of your repairs/improvements.

Our last step is running a forensic audit of the company (S - Corp) and then we will write up the contract to purchase.

This is from an accounting, audit and transparency point of view. 

if you get audited (god forbid).. you will have a professional in your corner to assist and argue on your behalf.

Look into their marketing efforts, tenant screening processes, and response times.Service Audit: Conduct an audit of the services provided by Ace Management and Reality to ensure they are actively marketing your properties and maintaining tenant relations effectively.4.

I got audited for 3 years. all of the above was thrown out.One example I had a business trip to London then to Tel Aviv. 

I recently started a job working in audit after graduating college and I passed two of the four CPA exams so far.

In your case, since you reduced the reported amount on the 1099-S to reflect the actual amount you received after the payment to the program, you might want to have the documentation from the county's request readily available.While it's not mandatory to submit the documentation with your tax return, having it on hand can be helpful in case of an audit or if the IRS requests additional information.

I guess even if the IRS audits you can show the structure is worth at least 90% of the purchase price.For example if the house cost $800,000 according the the tax bill the structure is worth like 100k but definitely no one will build you a structure for 100k.What do you think?