@Tim Steward the easiest way to find out what you qualify for is to talk to a lender.

Can you really qualify as a REPS with a full time W2 income?

So you are acting as a GP of a Qualified Opportunity Fund, taking capital from outside people?

I have a $20,000 debt to the IRS, which I am paying off at $381 per month due to high taxes declared two years in a row to qualify for a mortgage.My goal is to build a portfolio of properties that pay for themselves.

After having some difficulty finding qualified tenants who could afford the rent, a highly qualified tenant approached me asking to lease one of the houses using an STR arbitrage model. 

They seem to have a good business model and one of the owners is an investor himself which is definitely a plus, but they charge a leasing fee (to find and get a qualified tenant into the property) equal to 1 month of rent, which comes out to an additional 4%-8% on top of the monthly 10% maintenance/management fee depending on how long the tenant stays.

We keep hearing stories about this, but I don't understand how people who can afford properties right now and qualify/receive this program.

I have a suitable lender that can qualify me in any city or state.

My question is does travel time and sleep time count toward material participationI’m aiming to qualify for the 500 hours of material participation.

Many houses with obvious distress are not going to qualify for conventional financing.