RealEstate Professional 750 hours, 50% time spent

[Lee Carter]

All,

I'm just getting started into REI and my accountant mentioned Real-Estate Professional. I have a fulltime job already so I wont be able to hit the 50% rule but my wife is currently staying home with our kids my accountant said she could qualify if she spent 750+ hours a year with the business.

My question is: 

How difficult is it to track hours?

Is there any requirement her name be on properties purchased? I'm asking this because the property I'm planning on closing on Friday (My 1st one) is currently in my name only. Will that impact possible tax benefits if she were to track hours and qualify as the real estate professional?