Claiming RE Professional Status as a W-2 Employee

[Marc Lock]

I know this is a difficult claim and has been posted before but I haven't seen any posts with the following specifics:

Taxpayer (aka TP) is a W-2 employee for real estate company that develops and owns/operates mostly multifamily and some commercial spaces. 

TP spends 100% of their time in the asset management of these properties (not property management).

TP has recently invested personally in these deals and owns at least 5% of Property A. The other deals TP invested in are less than 5% ownership. TP spends the most time on Property A of all the properties. Is he eligible to claim real estate professional status?

If he is not eligible to claim REP status, is he eligible to claim he materially participates in the deals (even the ones with <5% ownership)? Is there even any benefit to that if all the activity is line 2 rental re income/loss on the K-1?