Any land held for potential appreciation, for farm usage, for its raw materials,  or for potential future development can qualify.

We renovated property doing all the work ourselves so I'm not sure if we can factor in our labor into the money we put into the property, not just materials?

I have thought about getting a card through a box store like Home Depot but don't want to be limited to the benefits of just one store, as I buy multiple materials from many different vendors.

So if your main job is a W-2 job, you probably don't qualify.But that's still not all because in addition to REPS status, you also have to qualify as having material participation in the K-1 business to make it non-passive income. 

The accounts seem to materialize out of nowhere and with no purpose other than to express undying love for the life changing advice offered by said guru, often accompanying eerily similar language across hundreds of different gurus.

Hi All,Looking to buy a STR at the Jersey Shore this year, meet the material participation requirement/100 hrs, and take bonus depreciation on the unit for 2024.

Materials + Installation should run you around 4-6$ / sf. so your on the right track. 

Furthermore, understanding the resident characteristics allows me to measure the target market and modify my investment strategy accordingly.Inspection ChecklistSituations vary from one property to the next, but here is an on-site inspection checklist to get you started:Interior Units:Inspect vacant units, including one of each finish out type (Classic, Reno, etc.).Check all down units.Inspect one unit from each unit mix.Exteriors:Landscape:Look for overgrown bushes.Identify trees that need trimming (no branches hanging over the roof).Take pictures of the following:Curb appeal on all sides facing the street.Landscape around the office and amenities.Overgrown bushes or trees.Any dead landscape.Areas that may need sod or mulch.Assess drainage:Ensure water flows away from building foundations.Check slope, gutters, downspouts, surface drains, French drains, etc.Exterior Walls:Determine the existing material (wood, vinyl, Hardie, brick, stone).Assess the condition of the walls.Note if painting is required.Take pictures of each building, including building number, each elevation (clockwise), and any breezeways or niches.Windows:Evaluate the condition of existing windows.Consider whether solar screens should be installed.Roof:Identify the type of roof.Assess its condition and age.Parking Lot:Check for potholes.Assess the need for restriping.Note whether the parking lot is concrete or asphalt.Evaluate drainage issues.Walkway:Look for tripping hazards.Assess drainage issues.Foundation/Gutters:Inspect for cracks in the brick.Check for separation in corners from fascia and trim boards.Evaluate drainage and identify poor drainage areas.Amenities:Identify possible improvements.Consider adjustments or additions that can enhance amenities.Talk to the Staff:Maintenance: Inquire about the physical condition.Office: Discuss current residents, delinquency, and potential changes to add value.Assess whether rents are too high or too low.Confirm rents and what is included/not included.Confirm other sources of income and associated charges.Confirm occupancy, pre-release, and vacancy numbers.Note: Maintain professionalism and avoid insulting the owner or broker, regardless of the property's condition.Keep in mind that investing in real estate is like solving a puzzle—you need all the pieces to see the big picture.

After you have their store card, when you can put together a significant order of materials go to the pro-desk.

I have a hard time imagining that I would not meet the qualification of "Material Participation in Real Estate" as a real estate professional, which would allow me to apply the bonus deprecation toward my earned income as a real estate professional.