Also no insurance.Finally, the IRS Audit likelihood for a 1040 with 6 Schedule E properties is about 10 times as likely as a 1065 (with your spouse) or an S-Corp.Then you can get a single K-1 and do your own tax with Turbo Tax.

The other thing is switching schedules on a property is a good way to get flagged for an audit.

Our firm is primarily made up of EA's (enrolled agents) who specialize exclusively in the study of tax law and representation (basically if you get audited they can defend you in tax court).

That being said the IRS doesn't "check" but if your audited they could find out and get you in trouble. 

I have 9 rental properties and pay a tax attorney $800 per year to prepare the taxes, but every year it seems that I find a few mistakes like mortgage interest not deducted on one property and insurance not deducted on another.I had assumed that for $800, someone was spending 4 hours entering my information and going through things to make sure I was getting all the deductions I was entitled to as well as preparing things so as to minimize the chances of an audit. 

Proof of Services.Be prepared to provide proof of the services performed and hours worked, especially if the IRS requests this information during an audit.6.

(And to the IRS, should you get audited, but that is a different conversation.)John Hyre is more than an attorney and an investor.

I suspect one could ask for audited financials for each project ? 

Because that is actually how we communicate with the IRS - only through our tax returns (until audited of course. 

With a nationally recognized CPA firm, annual audits and a reputable fund administrator, you would meet the minimum requirements for many investors.A strong CFO will not only bring financing expertise, but also strong risk management through adequate internal controls.