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Updated almost 2 years ago,
REPS - Seeking Professional Advice from the BP Community - Can you help?
Hi BP Community,
I've spent hours on blogs and I'm still stuck.
I know for certain from my details logs I have about 600 hours spent on rental properties that I 100% own and materially participate in. I want to confirm my real estate professional status, and there are about another 200-300 hours I spend as a property manager.
Does the scenario count toward the hours needed for REPS qualification?
I spend hours working as a property manager for 2 long-term rental properties owned by my family. I get paid 10% of the rent collected.
- I do not work for a property management company, I get paid directly by my in-laws for the 2 properties I manage.
- Does that mean I am 100% “owner” of the property management “business”? I would be acting as a sole proprietor and not an employee.
- I earn $6,000 over the course of the year and they do not send me a 1099 at the end of the year. The checks are written to me directly and not a business name.
- I do not have an EIN or an official property management license.
- I do not own any percentage of the 2 rental properties I manage.
I look forward to what the community has to say.
Thank you!