Real estate private equity fund managers are typically accustomed to obtaining financial statement audits of the fund, and it is important to know that stand-alone audits of the lower-level property investments can be just as relevant and important.   In a typical real estate private equity fund structure, each investment property is commonly held in an LLC governed by its own operating agreement. These LLCs are may also hold the related mortgages on the properties. The most common reasons for obtaining a property audit are as follows: Requirement in the operating agreement of the LLC Requirement by the lender in the mortgage loan agreement Fund manager wants a level of…