So many investors believe no news is good news when it comes to their investment property. Nothing could be further from the truth.

Have you ever seen your investment property in person, or visited and inspected it in the last three years? So how can you possibly know what condition it's really in? Don't rely on poorly taken inspection photos and rushed notes — booking an audit is the only way to truly understand the condition your property is really in.

Time and time again, I've seen investors with no real idea of their asset's condition — only discovering the truth when changing property managers or preparing to sell.

More often than not, owners are surprised, shocked, and dismayed to learn just how run-down their property has become — with issues that should have been documented and fixed during routine inspections or tenant changeovers.

Don't wait for things to slip through the cracks, for small issues to escalate into significant issues, and to be left holding the bag to fix costly mistakes.