For section 8 Housing, be sure you hire a competent property manager who is familiar with Section 8 housing and the voucher subsidy system. Good Property Managers familiar with section 8 housing will have competent staff who are trained with filing voucher subsidy requests, plus handling all the complicated paperwork necessary for a Section 8 housing project.
Have a dedicated Company Officer work with the external auditor and answer all questions in a timely fashion.
Be sure you respond to any requests from the Contract Administrator in a timely fashion as these can overwhelm an onsite property manager who is not experienced in Section 8 housing.
Make sure all REAC access to your financial statement file is obtained well before the REAC financial statement date filing deadline, as the process can be time consuming. Get your REAC filing started early because since most Financial Statements are filed the week before the filing deadline.
Use HUD chart of Accounts when you can.