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CPAs often advise against pursuing this designation unless the time commitment and documentation are robust, as failing to qualify can result in IRS audits or penalties.The 500-hour rule pertains to material participation in specific real estate activities or businesses.

So, I would only recommend doing it when there are synergies to take advantage of such as the partner having a skill like HVAC, interior design, accounting, etc. 2.

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

For background, I'm partnered with an architect and interior designer, but I'd have to find most of the subs as I don't have any formal connections (at least in the area I'd like to build).

Not to mention we have grown our PM staff by almost 50% to help better support our growth and overall management.We are currently building out 5,000 lots ion Florida If you would like a free copy of my best selling book "Passive Income Playbook: How To Leverage Build to Rent Real Estate to Buy Back Your Time And Have a Legendary Family Life"  just let us know and we will send you a copy thanks Brandon  owned by a Japanese company, the floorplans are pretty poorly designed and larger than build to rent should be. the 4 plex they have is a higher price per door than th national average and needs to be modified. horrible designs.

We will then, as the units turn over, get rents up a good bit further with additional design improvement renovations and hopefully reno into lower interest rates when they drop or at the very least in 5 years on our 20 year we'll have paid off enough to refi into a smaller loan.That is the only kind of smaller deal we can find in neighborhoods where we want to buy now. 

The most popular STR listings in my area have excellent interior design.  

There can be a lack of natural light but it can be designed for it.

If there is no designation I would use an X as you stated.