While consulting with a CPA is the suitable choice, I recommend compiling a comprehensive list of all your questions and finding a CPA with proven experience in small business and real estate.Based on my extensive experience, having been in similar situations multiple times, I've learned that the effectiveness of a CPA depends on the quality of the question I asked.

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.

I think he just didn't read the part about the apartment (I missed it too the first time by, reading too fast :-)  Lol, my reading comprehension needs work.

Here are some tips for presenting your case:Property Details - Property address, size, style, and other comprehensive data that would attract someone that wants to make money.

I wish my VMs are as comprehensive.

In order to make sure the estimated rental revenue is in line with local market circumstances, you should also investigate market rentals for comparable homes in the vicinity.To determine the duplex's condition, do a comprehensive inspection.

This will help you to improve your comprehension and method.

Such a comprehensive answer with some great points.

Market circumstances might change, even if your intention is to flip the property, so think about your choices in case your initial plan doesn't work out.Market Analysis: To verify your predictions on future appreciation, growth in the rental market, or the effect of renovations on property value, do a comprehensive analysis of the market.Time frame: Evaluate the opportunity cost of having your cash invested in a non-performing asset and be realistic about how long you're willing to wait for the property to turn a profit.Investing in a property with negative cash flow can be a calculated risk under the right circumstances, but it requires a higher level of due diligence, market insight, and financial planning.

“In the UK ‘more than a million households will see a significant jump in monthly payments’ this year as ‘the next batch of UK homeowners to have their mortgages repriced are preparing to make personal sacrifices”(Bloomberg).