Hey Marc, Claiming Real Estate Professional Status (REPS) for a taxpayer (TP) who is a W-2 employee and involved in asset management is indeed challenging.

Even though I know the numbers well from my previous experience, I’m sure there are some unique challenges when it comes to flips—like managing renovations, timelines, and of course, staying on budget.For those of you who made the transition or started out flipping, what’s something you wish you knew before your first project?

This is what will happen.There won't be the ability to get a real mark to market if you go sell each individually and recreate a BTR environment to own occ.

Would love to connect with anyone with experience to see the challenges and process.

The challenge with moving to a new area is (1) you don't know if you will like it and (2) what is the job market like should you have to change jobs.

Have any of you had experience with similar property management challenges in the Chicago area?

One of the big challenges, as you may be aware, is the permitting for this type of community.

Great question and honestly, having a business partner can be both a blessing and a challenge, depending on how you approach it.

However, I'm finding it challenging to network with other investors in the area.

They had extra challenges of language, culture, and education which they overcame.