This is an audit flag, creating a bogus "property" with zero income2.

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I love that I can get real input here from impartial people.

@Joel Owens, my group's tax and legal expert devotes a good deal of his time training IRS agents in the proper interpretation of the tax code, especially in the past five years dealing with an audit of one of my group's leaders (Mark & Co. won the audit, of course!).

But we also did a lot of really complex work, and the deal was pretty much that we'd never had a client lose an audit because we confirmed/tied down a lot more than many firms do.

Currently a CPA and have about 4 years of auditing under my belt with 1 year of accounting consulting.

#1: Actually audit expenses.

You're CPA is setting you up for failure and an audit.

It's just good practice to have a dedicated bank account because, heaven forbid, if you ever get into a lawsuit and need to provide records, or you get a letter from uncle sam to audit you......Plus it'll save you time when you want to run the numbers to see how well you're doing on the property.

Don't be reactionary with upgrades, do the energy audit and plan updates accordingly on your timeline and budget.