all are new constructions and I don't know how she is gonna be able to find 750h of work to do in these new construction houses.Any help appreciated Good questions, first the IRS requirements to meet Real Estate Professional Status (REPS) are: > 50 percent of his/her time working in real property businesses; AND, 750 hours of service during the year ANDAt least %5 ownerIf married filing jointly, one spouse must meet 750 hour requirement on their own.

Whether it’s advice, joint ventures, or even just sharing your experiences, your input would mean a lot.Feel free to drop a comment below or message me directly.

Exemptions to getting a 2nd FHA loan per HUD handbook are:-Job relocation 100 miles away or in another state-Increase in family size-Vacating a jointly owned home (ie - divorce or the like)

I'm looking for advice on a situation with an investment property my business partner and I purchased in June 2024 under our joint LLC in Springfield, OR.

I'm looking for advice on a situation with an investment property my business partner and I purchased in June 2024 under our joint LLC in Springfield, OR.

I file jointly with my wife who's a w2 employee.

The house is registered with my name and my younger brother’s name as joint tenant.

We create a new joint LLC for each investment, and each participant gets listed as an owner of the joint LLC. 

I never actually saw my OOS houses in person, I had the video walk through, and the other was pictures from a joint venture associate. 

This strategy allows them to eventually exclude up to 250,000 (500,000 if married filing jointly) of gain from taxes when they sell the property as a primary residence.Hope this helps!