REPS status for wife (to avoid taxes associated with sale of biz)

[Timothy Solomon]

I am about to sell my business and make a substantial amount of income from it. Does anyone have any experience with getting REPS status and immediately investing the money in real estate from the sale proceeds to avoid a large tax bill? My wife is a realtor but hasn't been active in years. She is willing to get back into (actually spend 750hours/year) it if it will signficantly reduce our tax liability. How is this done? I understand this is a high likelihood of being audited. 

Any insight is highly appreciated.