REPS stands for Real Estate Professional Status—a tax designation that lets real estate investors write off rental losses (like depreciation and expenses) against other income, potentially saving a lot on taxes.

Imagine making millions of dollars throughout your career and then having to pay Uncle Sam 30-50% every year instead of compounding that cash over time.
This is exactly what real estate professionals have learned to ...

But until recently, it seems silence on the status of Fund1.

Some people are comfortable driving a clunker car others want a status symbol vehicle of some sorts . 

Hello, if I have a HELOC on a primary home and I move out to convert the house into a rental property, do credit unions/bank typically have an issue with that?  I know they do not like to give HELOC on investment prop...

Additionally, a larger property like this is valued based on the actual cash flow, not sales comps, so you have the ability to force appreciation faster with efficient management.Adding the a 5-10 unit may also increase the amount of time you spend getting you closer to the 'Real Estate Professional' status for tax purposes opening up room for offsetting some W-2 income on taxes.  

Now that BP has somehow determined #1 status for some members it might be fun to do a weekly podcast with the #1s in a round table. 

I’m curious, how long was it before YOU reached full time real estate status?

Your brother-in-law’s 10% ownership won’t affect your ability to claim this exclusion on your portion.Unfortunately, the option to roll proceeds into another property (like a 1031 exchange) only applies to investment properties, not personal residences.You’re likely eligible for the exclusion, but I recommend confirming with a Tennessee tax professional for any specific state tax issues and to verify your status with overseas residency.Let me know if you need more guidance on this or related financing!

You must work at least 750 hours per year in a qualified RE business.So most people who have high-earning W-2 jobs outside of real estate won't qualify.But the unique thing about RE pro status is that even if you don’t qualify but your spouse does, you can both file jointly and claim the losses from your RE investments to offset your other active income together.It's an incredibly powerful benefit if you do meet the criteria.