I feel so much better with big picture plan, a detailed execution plan of the strategy, and created a data sample and a second data analysis using DealCheck.io.

Hey @Chris Dawson, There is alot to unpack here, but please note your wife getting her real estate license in of it self does not qualify you to use those losses (created by a cost segregation) against your active income.

If a partnership turns into a single member LLC due to a partner leaving, a new EIN is required but how would a business still keep the branding of their original name if creating an EIN requires a different name?

@Mason VitalisYou may be referring to the 2-out-of-five-year rule which states that you must have owned and lived in your home for a minimum of two out of the last five years before the sale to qualify to exclude up to $250,000 of that gain for individuals and up to $500,000 if you file a joint return. 

My first CPA fired me because I created an LLC and he was not willing to do the work..

My husband and I owned and operated a Room and Board in CA where we housed 10 individuals who just got out of the jailing system or trying to get clean off of drugs.

So, choose your path wisely.The reality that GC1 has created needs to be dealt with.

Should I first create a LLC to purchase the property to protect my personal assets?

If he has legitimate self employment activity he may be eligible to create a solo 401(k) which is superior in many ways to sdira.  

In 2023, I did 18 transactions(Top 500 of ~15,000 agents), and manage 13 rental properties for other individuals.As an Individual, I also own 5 additional rental properties that I also self manage.The reason I would like REPS is because Ive got about 200k in passive losses(100k just in 2023 as I fully remodeled one of the rentals and partial reno of another) I would like to apply towards our household W2 income(600k) Overall, I feel like I could definitely qualify but I definitely lack detailed time log of all activities.