Achieving "Real Estate Professional" Tax Status

[Chris Pounds]

First post, all.  Thank you for reading.

I am considering jumping in on the landlord/rental investment train.  I want to maximize my returns and try and achieve REP status on my tax return, therefore allowing depreciation (and other benefits) to occur as a page 1 item on my tax return.  This can be a huge tax impact.

Part of the requirement (among several) is making the 500/750  hour designation.  This is my main focus of this thread, not other issues.

Questions:

What are some specific examples of items that can be tallied as counting toward the hours qualification?f  (example: reviewing tenant applications, updating spreadsheets with bills to be paid).  I need as many specific examples as possible, please.

Is there a "typical rule of thumb" on the number of properties you are personally managing/owning that would likely put you over the hours qualification hump?  For example, 1 or 2 properties that are pretty self-sustaining is very unlikely to get you even close.  What about 7?  10?

If I lived in state X but all my properties were in state y, would this make it even harder to qualify under the hours commitment (since I can't do physical activities on site readily)?  Also, do hours traveling by plane and upon arrival visiting my properties count toward the hours?

Thank you,

Chris