Are real estate losses included when defining accredited investor status?

[Dave Vona]

I understand the basic income definition for an accredited investor. It says (for an individual filer): "you must have an annual income of over $200,000 in each of the two most recent years and a reasonable expectation of the same income level in the current year". 

However, if your W2 income exceeds $200K, but there are rental property losses (not including deprecation) and/or a fix and flip losses that bring your income below $200K, are you no longer considered an accredited investor?  

Thank you.

[Chris Seveney]

Quote from @Dave Vona:

Thanks @Ian Ippolito.  The one year there were losses from a fix and flip project that went overbudget.  The flip is in a partnership so the loss was reflected on a K1.

The other year, I had some tenant issues and property theft, so the Net Income on my rental property P&L was negative.  

My W2 only reflects income from my job (not real estate related).  If they only use that W2 income, then I would qualify.  I wasn't sure if there was a line on my income tax return that they would look at, such as Adjusted Gross Income (which takes into account the above business losses).  

 This is a gray area because they need to verify but it cannot be misleading (for example if you show a W2 with $200k in income but have $100k in active losses that you do not disclose, then that could be dicey since you are also signing a subscription agreement noting you are accredited.

This is a question for your CPA or attorney as some sponsors request third party letters.